Document:

Exhibit 10.64

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT (this "Agreement"),
dated as of June 2, 2015, is entered into between Twinlab Consolidated Holdings, Inc., a Nevada corporation with its principal
place of business at 632 Broadway, Suite 201, New York, New York 10012 ("Company"), and Little Harbor, LLC, a
Nevada limited liability company with an address at 3133 Orchard Vista Drive SE, Grand Rapids, MI 49546 ("Purchaser").

 

RECITALS

 

A.           Company
and Purchaser are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 of Regulation
D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission (the “Commission”)
under the Securities Act.

 

B.           Purchaser
wishes to purchase, and Company wishes to sell, upon the terms and conditions stated in this Agreement, an aggregate of 3,289,474
shares of common stock, par value $0.001 per share (the “Common Stock”), of Company, at a purchase price of
$0.76 per share (the 3,289,474 shares of Common Stock to be purchased by Purchaser hereunder are referred to herein as the “Shares”).

 

C.           Contemporaneously
with the execution and delivery of this Agreement, the parties hereto are executing and delivering a Warrant Agreement, substantially
in the form attached hereto as Exhibit A (the “First Warrant Agreement”), pursuant to which, among other things,
Company is granting Purchaser the right to purchase an additional 3,289,474 shares of Common Stock at a price of $0.01 per share.

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.           Purchase
and Sale. Subject to the terms and conditions set forth herein, at the Closing (as defined in Section 2), Company shall
issue and sell to Purchaser, and Purchaser shall purchase from Company, the Shares. The aggregate purchase price for the Shares
shall be $2,500,000.24 (the "Purchase Price"), to be provided by Purchaser in the form of Purchaser’s agreements
set forth in Section 3 hereof.

 

    	 

    	 

    

 

2.          Closing.
Subject to the terms and conditions contained in this Agreement, the purchase and sale of the Shares contemplated hereby shall
take place at a closing (the "Closing") to be held at 10:00 a.m. on June 2, 2015 (the "Closing Date")
at the offices of Wilk Auslander LLP, 1515 Broadway, 43rd Floor, New York, New York 10036, or at such other place or
on such other date as Purchaser and Company may mutually agree upon in writing. At the Closing, Company shall deliver to Purchaser
a stock certificate or certificates evidencing the Shares, and Purchaser shall have delivered to Company the Purchase Price in
the form of Purchaser’s irrevocable agreement provided in Section 3 below to accept the Shares issued by the Company
pursuant hereto in lieu of $2,500,000.24 worth of periodic payments otherwise due Purchaser under that certain Debt Repayment Agreement,
dated as of July 31, 2014, by and between Purchaser and the Company’s subsidiary Twinlab Holdings, Inc. (formerly known as
“Idea Sphere Inc.”) (the “Repayment Agreement”).

 

3.          Agreement
to Accept Shares in Lieu of Payments under Repayment Agreement. Purchaser hereby irrevocably agrees to accept the Shares issued
to Purchaser by Company pursuant to this Agreement in lieu and in complete satisfaction of the obligation of the Company’s
subsidiary Twinlab Holdings, Inc. to make periodic cash payments otherwise due Purchaser under the Repayment Agreement in an aggregate
amount equal to the Purchase Price, beginning with the periodic payment that was due under the Repayment Agreement on April 25,
2015 and continuing with each immediately subsequent periodic payment thereafter due under the Repayment Agreement until the total
amount of periodic payment obligations so satisfied shall have amounted to $2,500,000.24. In the event that the remainder of the
aggregate Purchase Price then available to be applied pursuant hereto towards a final periodic payment under the Repayment Agreement
is insufficient to satisfy the entire amount due for such period under the Repayment Agreement, then the excess amount then due
for such periodic payment above the amount satisfied hereby shall continue to be due and payable in cash by Twinlab Holdings, Inc.
in accordance with the terms of the Repayment Agreement. Except for Purchaser’s agreement, on the terms set forth herein,
to accept the Shares issued pursuant to this Agreement in lieu of cash payments otherwise due Purchaser under the Repayment Agreement
in an aggregate amount equal to the Purchase Price, nothing herein is intended to modify in any way the Repayment Agreement, which
shall remain in full force and effect.

 

4.          Closing
Deliveries.

 

(a)          On
or prior to the Closing, Company shall issue, deliver or cause to be delivered to Purchaser the following:

 

(i)          this
Agreement, duly executed by Company; and

 

(ii)         the
First Warrant Agreement, duly executed by Company.

 

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(b)          On
or prior to the Closing, Purchaser shall deliver or cause to be delivered to Company the following:

 

(i)          this
Agreement, duly executed by Purchaser

 

5.           Closing
Conditions.

 

(a)          The
obligation of Company to issue and sell the Shares to Purchaser hereunder is subject to the satisfaction of the following conditions
as of the Closing:

 

(i)          the
representations and warranties of Purchaser in Section 7 hereof shall be true and correct on and as of the Closing Date
with the same effect as though made at and as of such date;

 

(ii)         Purchaser
shall have performed and complied in all material respects with all agreements and conditions required by this Agreement to be
performed or complied with by it prior to or on the Closing Date; and

 

(iii)        Purchaser
shall have obtained any and all consents, permits, approvals, registrations and waivers necessary or appropriate for consummation
of the transactions contemplated herein.

 

(b)          The
obligation of Purchaser to purchase the Shares from Company is subject to the satisfaction of the following conditions as of the
Closing:

 

(i)          the
representations and warranties of Company in Section 6 shall be true and correct on and as of the Closing Date with the
same effect as though made at and as of such date;

 

(ii)         Company
shall have performed and complied in all material respects with all agreements and conditions required by this Agreement to be
performed or complied with by it prior to or on the Closing Date; and

 

(iii)        Company
shall have obtained any and all consents, permits, approvals, registrations and waivers necessary or appropriate for consummation
of the transactions contemplated herein.

 

6.           Representations
and Warranties of Company. Company hereby represents and warrants to Purchaser as follows:

 

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(a)          Company
is an entity duly incorporated, validly existing and in good standing under the laws of the State of Nevada, with the requisite
corporate power and authority to own or lease and use its properties and assets and to carry on its business as currently conducted.
Company is not in violation of any of the provisions of its articles of incorporation or bylaws. Company is duly qualified to conduct
business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business
conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing,
as the case may be, would not have a Material Adverse Effect. “Material Adverse Effect” means a material adverse
effect on the results of operations, assets, business or financial condition of Company, except that any of the following, either
alone or in combination, shall not be deemed a Material Adverse Effect: (i) effects caused by changes or circumstances affecting
general market conditions in the U.S. economy or which are generally applicable to the industry in which Company operates provided
that such effects are not borne disproportionately by Company, (ii) effects resulting from or relating to the announcement or disclosure
of the sale of the Shares or other transactions contemplated by this Agreement, or (iii) effects caused by any event, occurrence
or condition resulting from or relating to the taking of any action in accordance with this Agreement.

 

(b)          Company
has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement
and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement by the Company and the consummation
by it of the transactions contemplated hereby (including, but not limited to, the sale and delivery of the Shares) have been duly
authorized by all necessary corporate action on the part of Company, and no further corporate action is required by Company, its
Board of Directors or its stockholders in connection therewith other than in connection with the Required Approvals (as hereinafter
defined). This Agreement has been duly executed by the Company and is the legal, valid and binding obligation of the Company enforceable
against Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by other equitable principles of general application or insofar as indemnification and contribution provisions
may be limited by applicable law.

 

(c)          The
execution, delivery and performance by Company of this Agreement and the consummation by Company of the transactions contemplated
hereby (including, without limitation, the issuance of the Shares) do not and will not (i) conflict with or violate any provisions
of Company’s articles of incorporation or bylaws or otherwise result in a violation of the organizational documents of Company,
(ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under,
result in the creation of any Encumbrance upon any of the properties or assets of Company or give to others any rights of termination,
amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any Material Contract or (iii) subject
to the Required Approvals, result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which Company is subject (including federal and state securities laws and regulations
and the rules and regulations, assuming the correctness of the representations and warranties made by Purchaser herein, of any
self regulatory organization to which Company or its securities are subject), or by which any property or asset of Company is bound
or affected), except in the case of clause (ii) and clause (iii) such as would not individually have a Material Adverse
Effect. “Material Contract” means any contract of Company that has been
filed as an exhibit to the SEC Reports pursuant to Item 601(b)(4) or Item 601(b)(10) of Regulation S-K (including, for purposes
hereof, any contracts that are required to be filed as an exhibit to a Form 10).

 

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(d)          Company
is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution,
delivery and performance by Company of the Transaction Documents (including the issuance of the Securities), other than (i) the
filing with the Commission of one or more Registration Statements in accordance with the requirements of the Registration Rights
Agreement, (ii) filings required by applicable state securities laws, (iii) the filing of a Notice of Sale of Securities
on Form D with the Commission under Regulation D of the Securities Act, (iv) a report on Form 8-K disclosing the
Company’s entry into this Agreement and (v) those that have been made or obtained prior to the date of this Agreement
(collectively, the “Required Approvals”).

 

(e)          The
Shares have been duly authorized and, when issued and paid for in accordance with the terms of this Agreement, will be duly and
validly issued, fully paid and nonassessable and free and clear of all Encumbrances suffered or permitted by Company, other than
restrictions on transfer provided for in this Agreement or imposed by applicable securities laws, and shall not be subject to preemptive
or similar rights. Assuming the accuracy of the representations and warranties of Purchaser in this Agreement, the Shares will
be issued in compliance with all applicable federal and state securities laws.

 

(f)          There
are no actions, suits, claims, investigations or other legal proceedings pending or, to the Company’s knowledge, threatened
against or by Company that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement.
“Company’s Knowledge” means with respect to any statement made to the knowledge of Company, that the statement
is based upon the actual knowledge of the officers of Company who, as of the date hereof, have responsibility for the matter or
matters that are the subject of the statement.

 

(g)          Company
has filed all reports, schedules, forms, statements and other documents required to be filed by it under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), including pursuant to Section 13(a) or 15(d) thereof, for twelve
(12) months preceding and including the date hereof (or such shorter period as Company was required by law or regulation to
file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being
collectively referred to herein as the “SEC Reports”), on a timely basis or has received a valid extension of such
time of filing and has filed any such SEC Reports prior to the expiration of any such extension.

 

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(h)          The
financial statements of Company included in the SEC Reports comply in all material respects with applicable accounting requirements
and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements
have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) applied on a consistent
basis during the periods involved, except as may be otherwise specified in such financial statements or the notes thereto and except
that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects
the financial position of Company and its consolidated subsidiaries taken as a whole as of and for the dates thereof and the results
of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end audit
adjustments.

 

(i)          Assuming
the accuracy of Purchaser’s representations and warranties set forth in Section 7 of this Agreement (without giving effect
to any materiality qualifiers therein), no registration under the Securities Act is required for the offer and sale of the Securities
by Company to Purchaser under this Agreement.

 

(j)          No
broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the transactions
contemplated by this Agreement based upon arrangements made by or on behalf of Company.

 

7.           Representation
and Warranties of Purchaser.

 

(a)          Purchaser
is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Nevada.

 

(b)          Purchaser
has all requisite power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the
transactions contemplated hereby. The execution and delivery by Purchaser of this Agreement, the performance by Purchaser of its
obligations hereunder and the consummation by Purchaser of the transactions contemplated hereby have been duly authorized by all
requisite limited liability company action on the part of Purchaser. This Agreement has been duly executed and delivered by Purchaser
and (assuming due authorization, execution and delivery by Company) this Agreement constitutes a legal, valid and binding obligation
of Purchaser enforceable against Purchaser in accordance with its terms.

 

(c)          Purchaser
is acquiring the Shares solely for its own account for investment purposes and not with a view to, or for offer or sale in connection
with, any distribution thereof. Purchaser acknowledges that the Shares are not registered under the Securities Act, or any state
securities laws, and that the Shares may not be transferred or sold except pursuant to the registration provisions of the Securities
Act or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations, as applicable.

 

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(d)          No
governmental, administrative or other third party consents or approvals are required by or with respect to Purchaser in connection
with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 

(e)          There
are no actions, suits, claims, investigations or other legal proceedings pending or, to the knowledge of Purchaser, threatened
against or by Purchaser that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement.

 

(f)          Purchaser
understands that the Shares are “restricted securities” and have not been registered under the Securities Act or any
applicable state securities law and is acquiring the Shares as principal for its own account and not with a view to, or for distributing
or reselling such Shares or any part thereof in violation of the Securities Act or any applicable state securities laws, provided,
however, that by making the representations herein, Purchaser does not agree to hold any of the Shares for any minimum period
of time and reserves the right, subject to the provisions of this Agreement, at all times to sell or otherwise dispose of all or
any part of such Shares pursuant to an effective registration statement under the Securities Act or under an exemption from such
registration and in compliance with applicable federal and state securities laws. Purchaser is acquiring the Shares hereunder in
the ordinary course of its business. Purchaser does not presently have any agreement, plan or understanding, directly or indirectly,
with any Person to distribute or effect any distribution of any of the Shares (or any Shares which are derivatives thereof) to
or through any person or entity; Purchaser is not a registered broker-dealer under Section 15 of the Exchange Act or an entity
engaged in a business that would require it to be so registered as a broker-dealer.

 

(g)          At
the time Purchaser was offered the Shares, it was, and at the date hereof it is, an “accredited investor” as defined
in Rule 501(a) under the Securities Act. Purchaser has previously delivered an Accredited Investor Questionnaire to Company indicating
that Purchaser is an “accredited investor.” As of the date of this Agreement, circumstances have not changed such that
Purchaser would not be an “accredited investor.”

 

(h)          Purchaser,
either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial
matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has so evaluated
the merits and risks of such investment. Purchaser is able to bear the economic risk of an investment in the Shares and, at the
present time, is able to afford a complete loss of such investment.

 

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(i)          Purchaser
acknowledges that it has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive
answers from, representatives of Company concerning the terms and conditions of the offering of the Shares and the merits and risks
of investing in the Shares; (ii) access to information about Company and its respective financial condition, results of operations,
business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity
to obtain such additional information that Company possesses or can acquire without unreasonable effort or expense that is necessary
to make an informed investment decision with respect to the investment. Neither such inquiries nor any other investigation conducted
by or on behalf of Purchaser or its representatives or counsel shall modify, amend or affect Purchaser’s right to rely on
the truth, accuracy and completeness of Company’s representations and warranties contained in this Agreement. Purchaser has
sought such accounting, legal and tax advice as it has considered necessary to make an informed decision with respect to its acquisition
of the Shares.

 

(j)          Purchaser
understands that the Shares are being offered and sold to it in reliance on specific exemptions from the registration requirements
of United States federal and state securities laws and that Company is relying in part upon the truth and accuracy of, and Purchaser’s
compliance with, the representations, warranties, agreements, acknowledgements and understandings of Purchaser set forth herein
in order to determine the availability of such exemptions and the eligibility of Purchaser to acquire the Shares.

 

(k)          Purchaser
understands that no United States federal or state agency or any other government or governmental agency has passed on or made
any recommendation or endorsement of the Shares or the fairness or suitability of the investment in the Shares nor have such authorities
passed upon or endorsed the merits of the offering of the Shares.

 

(l)          No
broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the transactions
contemplated by this Agreement based upon arrangements made by or on behalf of Purchaser.

 

8.           Transfer
Restrictions.

 

(a)          
Notwithstanding any other provision of this Agreement, Purchaser covenants that the Shares may be disposed of only pursuant to
an effective registration statement under, and in compliance with the requirements of, the Securities Act, or pursuant to an available
exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, and in compliance with
any applicable state and federal securities laws. In connection with any transfer of the Shares other than (i) pursuant to
an effective registration statement, (ii) to Company, (iii) to an Affiliate of Purchaser, (iv) pursuant to Rule 144
under the Securities Act (“Rule 144”) (provided that Purchaser provides Company with reasonable assurances
(in the form of seller and broker representation letters if required) that the securities may be sold pursuant to such rule) or
Rule 144A, (v) pursuant to Rule 144 without the requirement that Company be in compliance with the current public information
requirements of Rule 144 and without other restriction following the applicable holding period or (vi) in connection
with a bona fide pledge, Company may require the transferor thereof to provide to Company an opinion of counsel selected by the
transferor and reasonably acceptable to Company, the form and substance of which opinion shall be reasonably satisfactory to Company,
to the effect that such transfer does not require registration of such transferred Shares under the Securities Act. As a condition
of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights of
Purchaser under this Agreement.

 

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(b)          Certificates
evidencing the Shares shall bear any legend as required by the “Blue Sky” laws of any state and a restrictive legend
in substantially the following form until such time as they are not required under Section 8(c) (and a stock transfer order
may be placed against transfer of the certificates for the Shares):

 

THESE SECURITIES HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE
STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED
BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO COMPANY.

 

In addition, if Purchaser
is an Affiliate of Company, certificates evidencing the Shares issued to Purchaser shall bear a customary “affiliates”
legend.

 

(c)          Subject
to Company’s right to request an opinion of counsel as set forth in Section 8(a), the legend set forth in Section 8(b)
above shall be removable and Company shall issue or cause to be issued a certificate without such legend or any other legend (except
for any “affiliates” legend as set forth in Section 8(b)) to the holder of the applicable Shares upon which it is stamped
if (i) such Shares are registered for resale under the Securities Act (provided that, if Purchaser is selling pursuant to
the effective registration statement registering the Shares for resale, Purchaser agrees to only sell such Shares during such time
that such registration statement is effective and not withdrawn or suspended, and only as permitted by such registration statement),
(ii) such Shares are sold or transferred in compliance with Rule 144 (if the transferor is not an Affiliate of Company), including
without limitation in compliance with the current public information requirements of Rule 144 if applicable to Company at the time
of such sale or transfer, and the holder and its broker have delivered customary documents reasonably requested by Company’s
transfer agent and/or Company counsel in connection with such sale or transfer, or (iii) such Shares are eligible for sale under
Rule 144 without the requirement that Company be in compliance with the current public information requirements of Rule 144 and
without other restriction and Company counsel has provided written confirmation of such eligibility to the transfer agent. Any
fees (with respect to the transfer agent, Company counsel or otherwise) associated with the removal of such legend shall be borne
by Company. At such time as a legend is no longer required for certain Shares, Company will no later than three (3) Business
Days following the delivery by Purchaser to Company or the transfer agent (with concurrent notice and delivery of copies to Company)
of a legended certificate representing such Shares (endorsed or with stock powers attached, signatures guaranteed, and otherwise
in form necessary to affect the reissuance and/or transfer, and together with such other customary documents as the transfer agent
and/or Company counsel shall reasonably request), deliver or cause to be delivered to the transferee of Purchaser or Purchaser,
as applicable, a certificate representing such Shares that is free from all restrictive and other legends. Company may not make
any notation on its records or give instructions to the transfer agent that enlarge the restrictions on transfer set forth in this
Section 8(c).

 

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(d)          Purchaser
hereunder acknowledges its primary responsibilities under the Securities Act and accordingly will not sell or otherwise transfer
the Shares or any interest therein without complying with the requirements of the Securities Act. Purchaser acknowledges that the
delivery of the Shares and any removal of any legends from certificates representing the Shares as set forth in this Section 8
is predicated on Company’s reliance upon Purchaser’s acknowledgement in this Section 8(d).

 

9.            Survival.
All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Closing
hereunder.

 

10.          Indemnification.
Company shall indemnify Purchaser and hold Purchaser harmless against and in respect of any and all losses, liabilities, damages,
obligations, claims, Encumbrances, costs and expenses (including, without limitation, reasonable attorneys' fees) incurred by Purchaser
resulting from any breach of any representation, warranty, covenant or agreement made by Company herein or in any instrument or
document delivered to Purchaser pursuant hereto.

 

11.          Further
Assurances. Following the Closing, each of the parties hereto shall execute and deliver such additional documents, instruments,
conveyances and assurances, and take such further actions as may be reasonably required to carry out the provisions hereof and
give effect to the transactions contemplated by this Agreement.

 

12.          Termination.
This Agreement may be terminated at any time prior to the Closing (a) by the mutual written consent of Purchaser and Company or
(b) by either Purchaser or Company if (i) a breach of any provision of this Agreement has been committed by the other party and
such breach has not been cured within 10 days following receipt by the breaching party of written notice of such breach, or (ii)
the Closing does not occur by July 1, 2015. Upon termination, all further obligations of the parties under this Agreement shall
terminate without liability of any party to the other parties to this Agreement, except that no such termination shall relieve
any party from liability for any fraud or willful breach of this Agreement.

 

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13.         Expenses.
All costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the
party incurring such costs and expenses.

 

14.         Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder (each, a "Notice")
shall be in writing and addressed to the parties at the addresses set forth on the first page of this Agreement (or to such other
address that may be designated by the receiving party from time to time in accordance with this section). All Notices shall be
delivered by personal delivery, nationally recognized overnight courier (with all fees pre-paid), facsimile or e-mail of a PDF
document (with confirmation of transmission) or certified or registered mail (in each case, return receipt requested, postage prepaid).
Except as otherwise provided in this Agreement, a Notice is effective only (a) upon receipt by the receiving party, and (b) if
the party giving the Notice has complied with the requirements of this Section.

 

15.         Entire
Agreement. This Agreement constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject
matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties,
both written and oral, with respect to such subject matter.

 

16.         Successor
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. No party may assign any of its rights or obligations hereunder without the prior written consent
of the other parties hereto, which consent shall not be unreasonably withheld or delayed.

 

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

 

18.         Amendment
and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by
each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising,
any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall
any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege.

 

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

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement
on the date first written above.

 

	 	TWINLAB CONSOLIDATED HOLDINGS, INC.
	 	 
	 	By:	/s/ Thomas A. Tolworthy	 
	 	Name:	Thomas A. Tolworthy
	 	Title:	Chief Executive Officer and President
	 	 	 
	 	LITTLE HARBOR LLC
	 	 
	 	By:	/s/ Mark J. Bugge	 
	 	Name:	Mark J. Bugge
	 	Title:	Secretary & Treasurer

 

    	13Exhibit 10.65

 

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. 2015-15	June 2, 2015

 

Warrant

 

This Warrant (the "Warrant")
certifies that, for value received, LITTLE HARBOR, LLC, an Nevada company, and its permitted transferees, successors and
assigns (the "Holder"), is entitled to purchase from TWINLAB CONSOLIDATED HOLDINGS, INC., a Nevada corporation
(the "Company"), 3,289,474 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 May 31, 2020 (the "Expiration Date").

 

ARTICLE I

DEFINITIONS

 

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

 

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

 

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

 

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

 

    	 

    	 

    

  

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

 

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

 

"Current Holder’s
Equity Interest" means 3,289,474 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.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“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.

 

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

 

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

 

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

 

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

 

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

 

"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.

 

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

 

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

 

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

 

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

 

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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 Warrant. 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.

 

    	4

    	 

    

  

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

 

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

 

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

 

ARTICLE III

EXERCISE OF WARRANT; EXCHANGE FOR EQUITY INTEREST

 

SECTION 3.1 Exercise
of Warrants. On any Business Day before the Expiration Date, the Holder may exercise this Warrant, in whole or in part, by
delivering to the Company this Warrant accompanied by a properly completed Exercise Form in the form of Annex 1 and a check
in an aggregate amount equal to the applicable Exercise Price.

 

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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 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.

 

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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.

 

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.

 

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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 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:

 

New 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 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 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) Penta Mezzanine SBIC Fund I, L.P.; (iv) JL-BBNC Mezz Utah,
LLC; (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:

 

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(a)          If
to the Company, to:

 

TWINLAB CONSOLIDATED HOLDINGS, INC.

600 East Quality Drive

American Fork, UT 84003

Attention: Mark R. Jaggi, Chief Financial Officer

Facsimile: (801) 763-0789

e-mail: MJaggi@twinlab.com

 

and

 

TWINLAB CONSOLIDATED HOLDINGS, INC.

632 Broadway, Suite 201

New York, NY 10012

Attention: Richard H. Neuwirth, Chief Legal Officer

Facsimile: (212) 260-1853

e-mail: RNeuwirth@twinlab.com

 

with a copy to:

 

WILK AUSLANDER LLP

1515 Broadway

New York, New York 10036

Attention: Joel I. Frank, Esq.

Facsimile: (212) 762-6380

e-mail: jfrank@wilkauslander.com

 

(b)          If
to the Holder, to:

 

LITTLE HARBOR, LLC

3133 Orchard Vista Drive SE

Grand Rapids, MI 49546

Attention: David L. Van Andel

Facsimile: ________________

e-mail: dva@vaegr.com

 

with a copy to:

 

LITTLE HARBOR, LLC

3133 Orchard Vista Drive SE

Grand Rapids, MI 49546

Attention: Mark J. Bugge

Facsimile: ________________

e-mail: Mark.Bugge@vaegr.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, if the Current Holder’s
Equity Interest is adjusted pursuant to Section 3.3.3.

 

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

 

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

 

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

 

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

 

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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.

 

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 2015-15

 

    	14

    	 

    

  

ACKNOWLEDGED AND AGREED:

 

LITTLE HARBOR, LLC

 

	By:	/s/ Mark J. Bugge	 
	Name: Mark J. Bugge	 
	Title: Secretary & Treasurer	 

 

Signature Page To Warrant 2015-15

 

    	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: ___________________

 

    	 

    	 

    

  

ANNEX 2

 

ASSIGNMENT FORM

 

(To Be Executed By the Holder of This Warrant

 

In Order to Assign This Warrant)

 

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

 

 

	 	 	 
	 	Signature	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Address	 

 

Dated: ___________________

 

    	 

    	 

    

  

ANNEX 3

 

EXCHANGE FORM

 

(To Be Executed By the Holder of This Warrant

 

In Order to Exchange and Assign This Warrant)

 

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

 

	Equity Interest	 	Assignee
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Signature

 

	 	 
	 	 
	 	Address

 

FOR USE BY THE COMPANY ONLY:

 

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

 

Dated: __________________

 

    	 

    	 

    

  

Schedule 3.3.3

 

Calculations for Adjustment of Current
Holder’s Equity Interest

 

Section 3.3.3(a)

 

If 50% of the Fair Market Value (“FMV”) of the Company’s
common stock as of December 31, 2018 or in a private placement by the Company closed prior to December 31, 2018 is less than $0.385
per share, then the existing Current Holder’s Equity Interest under this Warrant at that time shall be increased (but not
decreased) to a new Current Holder’s Equity Interest applying the following formula:

 

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.

 

Example Where Warrant Has Remained Unexercised
as of December 31, 2018

 

Assume original investment of 760,000 at $0.76/share, for 1,000,000
shares, which would also be the Holder’s Current Holder’s Equity Interest on December 31, 2018, assuming no exercises
under the Warrant through that date. Also, assume the FMV of the Company’s common stock as of December 31, 2018 is $0.50/share.
The New Current Holder’s Equity Interest (“CHEI”) under this Warrant, would be calculated as follows:

 

	New CHEI	= [(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 the original CHEI)

 

At a $0.01/share exercise price, to fully-exercise the New CHEI
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.

 

Example Assuming Warrant is Partially Exercised Prior
to December 31, 2018. This example assumes a partial exercise of 750,000 warrant shares prior to December 18, 2018, when
the Fair Market Value as of the Date of Exercise is $0.50/share. The blended rate is brought to 50% of Fair Market Value for both
the exercised shares as well as the corresponding number of original investment shares.

 

Same facts as above, but assume 750,000 shares exercised.

 

	New CHEI	= [(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 at 12/31/18)

 

At a $0.01/share exercise price, the purchase price for the
expanded number of exercise shares is $15,600.

 

    	2

    	 

    

  

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 for the exercised
warrant shares and an equivalent amount of original investment shares would equal $585,600 for 2,310,000 shares, or $0.25/share.

 

    	3

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