Document:

Exhibit 10.19

 

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. W-2	[_________]

 

Warrant

 

This Warrant (the “Warrant”)
certifies that, for value received, PENTA MEZZANINE SBIC FUND I, LP, a Delaware limited partnership, and its permitted transferees,
successors and assigns (the “Holder”), is entitled to purchase from TWINLAB CONSOLIDATED HOLDINGS, INC., a Nevada
corporation (the “Company”), 4,960,740 shares of common stock of the Company (subject to any adjustments pursuant
to the definition of “Put Price” or Section 3.3) issuable upon the full exercise of this Warrant at the purchase price
of $0.01 in the aggregate (the “Exercise Price”), at any time prior to 5:00 P.M. on November 13, 2019 (the “Expiration
Date”).

 

This Warrant has been
issued pursuant to the Note and Warrant Purchase Agreement, dated November 13, 2014, by and among the Company, Twinlab
CONSOLIDATION Corporation, a Delaware corporation, Twinlab Holdings, Inc.,
a Michigan corporation, ISI Brands Inc., a Michigan corporation, Twinlab
Corporation, a Delaware corporation, and the Holder (the “Purchase Agreement”), and is subject to the
terms and conditions, and entitled to the benefits, thereof, including provisions providing certain information and other rights.
A copy of the Purchase Agreement is available for inspection at the principal office of the Company and will be furnished without
charge to the Holder upon written request to the Company.

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.1 Definitions.
Capitalized terms used but not defined herein shall have the meaning given to them in the Purchase Agreement. 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.

 

“Call”
shall have the meaning given to such term in Section 4.3(b) hereof.

 

“Call Closing”
shall have the meaning given to such term in Section 4.3(d) hereof.

 

“Call Event”
shall mean any of the following:

 

		(a)	the date that 70% or more of all interest, principal and other expense obligations due to the Holder
under the Purchase Agreement and/or the Note are satisfied in full by the Company;

 

		(b)	the occurrence of a Change in Control (as defined under the Purchase Agreement);

 

		(c)	the Maturity Date (as defined in the Note).

 

“Call Event
Notice” shall have the meaning given to such term in Section 4.3(a) hereof.

 

“Call Notice”
shall have the meaning given to such term in Section 4.3(b) hereof.

 

“Call Price”
shall mean an amount equal to the greater of:

 

(i)         the product of:
(x) eleven (11) times the Company’s and its Subsidiaries’ audited Adjusted EBITDA (on a consolidated basis)
with respect to the twelve (12) months immediately preceding the date of the Call Notice, times (y) the Holder’s percentage
ownership in the Company on a Fully-Diluted Basis as of the date of the Call Notice assuming the full exercise of the remaining
Warrant; or

 

(ii)         the Fair Market
Value of the Equity Interests underlying this Warrant; or

 

(iii)        $3,750,000.

 

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

 

“Conversion
Ratio” shall have the meaning given to such term in Section 3.3.3(a) hereof.

 

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“Current Holder’s
Equity Interest” means 4,960,740 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
the definition of “Put Price” or Section 3.3. 

 

“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 (i) until the 18 month anniversary of the effective date of this Warrant mean 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); and (ii) after the 18 month anniversary of the effective date of this Warrant
mean the trading volume weighted average closing price of the common stock of Company for the twenty (20) trading days immediately
preceding the date of the Call Notice or Put Notice, as applicable, 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.

 

“First Warrant
Effective Date” shall mean November 13, 2014.

 

“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.

 

“Holder’s
Percentage” shall have the meaning given to such term in the definition of "Put Price" set forth below.

 

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

 

“Loan”
shall mean those certain loans by the Holder to the Company, in an aggregate principal amount of Ten Million Dollars ($10,000,000),
pursuant to the Purchase Agreement and evidenced by the Note.

 

“NASDAQ”
shall mean the NASDAQ Stock Market.

 

“Note”
shall mean, collectively, the “Deferred Draw Note” and the “Initial Note”, each as defined in the Purchase
Agreement.

 

“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.

 

“Put”
shall have the meaning given to such term in Section 4.2(b) hereof.

 

“Put Closing”
shall have the meaning given to such term in Section 4.2(d) hereof.

 

“Put Event”
shall mean any of the following:

 

		(a)	the date that 70% or more of all interest, principal and other expense obligations due to the Holder
under the Purchase Agreement and/or the Note are satisfied in full by the Company; provided, however, that if such
interest, principal and other expense obligations have been satisfied solely as a result of the payment of insurance proceeds in
connection with the key-person life insurance policy (or any substitution or replacement thereof) contemplated by Section 5.3 of
the Purchase Agreement, this clause (a) shall only be a Put Event upon the earlier of (i) one (1) year following such payment or
(ii) the Maturity Date;

 

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		(b)	the occurrence of a Change in Control (as defined under the Purchase Agreement);

 

		(c)	a material breach by the Company of its obligations under this Warrant or the Purchase Agreement;
provided, however, that 180 days after either (i) a cure of the material breach by the Company or (ii) a waiver by
the Holder of such material breach shall cease to be a Put Event;

 

		(d)	an Event of Default (as defined in the Purchase Agreement) not otherwise cured or waived in accordance
with the terms of the Purchase Agreement;

 

		(e)	the date the Holder elects to increase the Put Price in accordance with the definition of "Put
Price"; or

 

		(f)	the Maturity Date (as defined in the Note).

 

“Put Event Notice”
shall have the meaning given to such term in Section 4.2(a) hereof.

 

“Put Notice”
shall have the meaning given to such term in Section 4.2(b) hereof.

 

“Put Price”
shall mean an amount equal to the greater of:

 

(i)         the product of:
(x) ten (10) times the Company’s and its Subsidiaries’ audited Adjusted EBITDA (on a consolidated basis) with respect
to the twelve (12) months immediately preceding the date of the Put Notice, times (y) the Holder’s percentage ownership in
the Company on a Fully-Diluted Basis as of the date of the Put Notice assuming the full exercise of the remaining Warrant (the
“Holder’s Percentage”); or

 

(ii)        the Fair Market
Value of the Current Holder’s Equity Interests underlying this Warrant. 

 

Solely for the purposes
of determining the Put Price, in the event that both (a) the Company’s and its Subsidiaries’ audited Adjusted EBITDA
(or if unavailable, the reviewed Adjusted EBITDA) for the twelve trailing months for the quarter-end immediately preceding the
Put Closing, as described in Section 4.2(d) does not equal or exceed the Target EBITDA, and (b) 70% or more of all interest, principal
and other expense obligations due to the Holder under the Purchase Agreement and/or the Notes are satisfied in full by the Company,
then, solely for the purposes of determining the “Holder’s Percentage” as set forth in clause (y) of the definition
of “Put Price” above and as applied in calculating such Put Price, the Holder may elect to have the Current Holder’s
Equity Interest deemed to increase (but not decrease) by a percentage equal to the Conversion Ratio.

 

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Solely for the purposes
of illustration, an example of the calculations described in this definition of "Put Price" is set forth on Schedule
3.3.3 attached hereto.

 

Whenever the Put Price
hereunder shall be adjusted as provided in this definition, 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 Put Price interest applicable
to each Warrant after giving effect to such adjustment. All calculations of the Put Price shall be made to the nearest cent or
to the nearest whole share, as the case may be.

 

“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.

 

“Target EBITDA”
shall have the meaning given to such term in Section 3.3.3(a) hereof.

 

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

 

“Warrant”
or “Warrants” shall mean this Warrant.

 

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

 

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

 

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ARTICLE II

 

FORM; EXCHANGE FOR
WARRANTS; TRANSFER; TAXES

 

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

 

SECTION 2.2 Exchange
of Warrants for Warrants.

 

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

 

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

 

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

 

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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 after occurrence of a Put Event and 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.

 

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 [__]1common shares have been issued as of the date hereof and (ii)
500,000,000 shares of preferred stock, of which [__]2 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.

 

 

1 To be updated accordingly as of the date of issuance
of this Warrant.

2 To be updated accordingly as of the date of issuance
of this Warrant.

 

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(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. Notwithstanding anything to the contrary set forth herein, the number of Equity Interests issuable
upon exercise of this Warrant shall be decreased by any Equity Interests issued under the Initial Warrant prior to the date hereof.

 

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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 3.3.2Consolidations
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) pursuant to the following:

 

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(a)         in the event
the Company’s and its Subsidiaries’ audited Adjusted EBITDA for the Fiscal Year ending December 31, 2018 does not equal
or exceed $19,250,000 (the “Target EBITDA”), the new Current Holder’s Equity Interest applicable to the
Warrant shall increase (but not decrease) by a percentage equal to the ratio (the “Conversion Ratio”) of (i)(a)
the Target EBITDA, minus (b) the audited Adjusted EBITDA of the Company and its Subsidiaries for such Fiscal Year to (ii) the audited
Adjusted EBITDA of the Company and its Subsidiaries for such Fiscal Year.

 

(b)         Solely for the
purposes of illustration, an example of the calculations described in this Section 3.3.3 is set forth on Schedule 3.3.3
attached hereto.

 

SECTION 3.3.4Notice;
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.

 

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.

 

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

 

SECTION 4.2 Put Rights.

 

(a)         At any time
during the period beginning after occurrence of a Put Event and ending on the fifth (5th) anniversary of the First Warrant
Effective Date, not less than twenty (20) days prior to a Put Event, the Company shall give to the Holder written notice of such
Put Event (the “Put Event Notice”), which shall set forth in reasonable detail a description of the transactions
expected to result in such Put Event and the anticipated effective date thereof.

 

(b)         The Holder may
(or, in the case of clause (e) of the definition of “Put Event”, the Holder shall), at any time and from time to time,
require the Company to purchase all or any portion of its Equity Interest (issued or represented by this Warrant, including any
successor Warrant(s)) by notifying the Company in writing (the “Put Notice”) of its desire to cause the Company
to repurchase all (or any portion) of its Equity Interest (issued or represented by this Warrant, including any successor Warrant(s))
(the “Put”) at a price equal to the Put Price if all of Holder’s Equity Interest (issued or represented
by this Warrant, including any successor Warrant(s)) are required to be purchased pursuant to the Put, or, if only a portion of
the Holder’s Equity Interest (issued or represented by this Warrant, including any successor Warrant(s)) is required to be
purchased pursuant to the Put, an amount equal to the percentage of the total Put Price corresponding to such portion (by way of
example, if a 50% portion of the total of Holder’s Equity Interest (issued or represented by this Warrant, including any
successor Warrant(s)) is required to be purchased pursuant to the Put, then the Company will pay 50% of the total Put Price for
such portion of Holder’s Equity Interest). A Put Notice may not be given if the Company has previously provided the Holder
with a Call Notice.

 

(c)         The rights of
the Holder pursuant to this Section 4.2 with respect to any Put Event may be waived by the Holder, notwithstanding delivery
of a Put Notice, at any time on or prior to the tenth (10th) Business Day after the determination of the Put Price applicable
to such Put Event.

 

(d)         Within ten (10)
Business Days following the delivery of a Put Notice (or, if applicable, immediately upon consummation of the Put Event if later),
the Company shall purchase, and the Holder shall sell, the Equity Interest (issued or represented by this Warrant, including any
successor Warrant(s)) specified in the Put Notice at the offices of the Holder (the “Put Closing”).

 

    	12

    	 

    

  

(e)         If the Company
shall not have funds legally available in the amount necessary to purchase the Holder's entire Equity Interest (issued or represented
by this Warrant, including any successor Warrant(s)) with respect to which the Put has been exercised, then the Equity Interest
(issued or represented by this Warrant, including any successor Warrant(s)) with respect to which the Holder has exercised the
Put shall be repurchased on a pro rata basis, in accordance with the Equity Interest (issued or represented by this
Warrant, including any successor Warrant(s)) held by the Holder. Any Put not satisfied in full pursuant to the terms of this Section
4.2 shall remain an obligation of the Company in accordance with Section 4.2(f) hereof until such time as such satisfaction
shall have occurred. The amount equal to the aggregate Put Price attributable to such not satisfied portion of the Put shall be
added to the principal of the Note and shall be subject to all terms and conditions and be secured by the collateral as set forth
in the Note (the Company shall promptly issue an amended and restated Note with such increased principal amount; all other terms
of the Note shall be unchanged).

 

(f)         Notwithstanding
anything contained in Section 4.2(e) hereof to the contrary, if the Company is unable in accordance with Applicable Law
to purchase all of the Warrants and/or Equity Interest underlying same which are the subject of a Put Notice, the Company shall
if so requested in writing by the Holder exercising Put rights, (i) purchase in accordance with the Put Notice the maximum number
of such put Warrants and/or Equity Interest underlying same which the Company may purchase and (ii) in one or more installments,
at the earliest time that the Company may lawfully do so, purchase all remaining put Warrants and/or Equity Interest underlying
same and pay interest at the rate of 15% (or the maximum rate of interest permitted by Applicable Law) per annum on the amount
of the aggregate Put Price attributable to such remaining Warrants and/or Equity Interest underlying same from the Put Closing
to the date on which such amount is paid in full; provided, however, that, to the extent the Company is unable to pay such
amount or a portion thereof, such amount or a portion thereof, as applicable, shall be added to the principal of the Note and shall
be subject to all terms and conditions and be secured by the collateral as set forth in the Note (the Company shall promptly issue
an amended and restated Note with such increased principal amount; all other terms of the Note shall be unchanged). In the event
that, based on the values of the Company's assets and liabilities reflected in the books and records of the Company, it would be
unlawful, under applicable state laws, for it to purchase Warrants and/or the Equity Interest underlying same, or pay the Put Price
therefor, the Company hereby agrees, if and to the extent permitted by borrowing agreements of the Company then in place and applicable
law, to revalue its assets and liabilities based upon their current fair market value, and to take such other action as may be
necessary, to cause such purchase to no longer be unlawful. In furtherance of this Section 4.2(f), within three (3) days
following the determination of the Put Price, the Company will determine whether or not it will have legally available funds in
an amount necessary to purchase all Warrants and/or Equity Interest underlying same at the Put Closing, and shall, within two days
thereafter, notify the Holder in writing if such funds shall not be available.

 

(g)         At the Put Closing,
the Holder shall deliver to the Company the Warrant, if any, and the Company shall deliver to the Holder an amount equal to the
Put Price corresponding to the Holder's Warrant and/or Equity Interest underlying same, by cashier's or certified check of a creditworthy
financial institution payable to the Holder or by wire transfer of immediately available funds to an account designated in writing
by the Holder.

 

    	13

    	 

    

  

(h)         Subject to the
Subordination Agreement and the Senior Loan Documents, the Company shall not enter into any agreement, understanding, or transaction
(including, without limitation, pursuant to any amendment or modification of the Organizational Documents) pursuant to which the
Company shall be required, or makes a covenant, representation or warranty, to prevent or to impair (contractually or otherwise)
the exercise of the Put rights provided for in this Section 4.2 or the obligation of the Company to pay the Put Price.

 

(i)         Notwithstanding
anything contained herein to the contrary, the rights set forth in this Section 4.2 shall be subject to the terms of the
Purchase Agreement, and all of Holder's rights under this Warrant are subject to the Subordination Agreement and the Senior Loan
Documents.

 

SECTION 4.3 Call Rights.

 

(a)         At any time
during the period beginning after occurrence of a Call Event and ending on the fifth (5th) anniversary of the First
Warrant Effective Date, not less than twenty (20) days prior to a Call Event, the Company shall give to the Holder written notice
of such Call Event (the “Call Event Notice”), which shall set forth in reasonable detail a description of the
transactions expected to result in such Call Event and the anticipated effective date thereof.

 

(b)         The Company
may require the Holder to sell all or any portion of its Equity Interest (issued or represented by this Warrant, including any
successor Warrant(s)) to the Company by notifying the Holder in writing (the “Call Notice”) of its desire to
cause the Holder to sell all (or any portion) of its Equity Interest (issued or represented by this Warrant, including any successor
Warrant(s)) (the “Call”) at a price equal to the Call Price if all of the Holder’s Equity Interest (issued
or represented by this Warrant, including any successor Warrant(s)) are required to be sold pursuant to the Call, or, if only a
portion of the Holder’s Equity Interest (issued or represented by this Warrant, including any successor Warrant(s)) is required
to be sold pursuant to the Call, an amount equal to the percentage of the total Call Price corresponding to such portion (by way
of example, if a 50% portion of the total of Holder’s Equity Interest (issued or represented by this Warrant, including any
successor Warrant(s)) is required to be purchased pursuant to the Call, then the Company will pay 50% of the total Call Price for
such portion of the Holder’s Equity Interest). A Call Notice may not be given if the Holder has previously provided the Company
with a Put Notice.

 

(c)         The rights of
the Company pursuant to this Section 4.3 may be waived by the Company, notwithstanding delivery of a Call Notice, at any
time on or prior to the tenth (10th) Business Day after the determination of the Call Price.

 

(d)         Within ten (10)
Business Days following the delivery of a Call Notice (or, if applicable, immediately upon consummation of the Call Event if later),
the Company shall purchase, and the Holder shall sell, the Equity Interest (issued or represented by this Warrant, including any
successor Warrant(s)) specified in the Call Notice at the offices of the Company (the “Call Closing”).

 

    	14

    	 

    

  

(e)         At the Call
Closing, the Holder shall deliver to the Company the Warrant, if any, and the Company shall deliver to the Holder an amount equal
to the Call Price corresponding to the Holder's Warrant and/or Equity Interest underlying same, by cashier's or certified check
of a creditworthy financial institution payable to the Holder or by wire transfer of immediately available funds to an account
designated by the Holder.

 

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 CORPORATION

600 East Quality Drive

American Fork, UT 84003

Attention: Mark Jaggi, Chief Financial Officer

Facsimile: (801) 763-0789

e-mail: MJaggi@twinlab.com

 

and

 

TWINLAB CONSOLIDATED CORPORATION

632 Broadway, Suite 201

New York, NY 10012

Attention: Richard Neuwirth, Chief Legal Officer

Facsimile: (212) 260-1853

e-mail: MJaggi@twinlab.com

with a copy to: 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

 

    	15

    	 

    

 

 

		(b)	If to the Holder, to:

 

PENTA MEZZANINE SBIC FUND I, L.P.

20 N. Orange Ave, Suite 804

Orlando, FL 32801

Attention: Seth Ellis, Principal

Facsimile: (407) 641-9286

e-mail: sellis@floridamezz.com

 

with a copy to:

 

KATTEN MUCHIN ROSENMAN LLP

575 Madison Avenue

New York, New York 10022

Attention: Angela Batterson, Esq.

e-mail: angela.batterson@kattenlaw.com

 

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

 

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

 

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 or the Put Price is adjusted pursuant to the definition of “Put Price”.

 

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.

 

    	16

    	 

    

 

 

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. Notwithstanding anything to the contrary set forth herein, upon the issuance of this Warrant
the Initial Warrant shall be cancelled and of no further force and effect and shall be superseded and replaced in all respects
by this Warrant.

 

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.

 

    	17

    	 

    

 

 

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

 

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

 

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

 

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

 

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.

 

    	18

    	 

    

 

 

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]

 

    	19

    	 

    

 

 

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:	 
	 	Name:	 
	 	Title:	 

 

ACKNOWLEDGED AND AGREED:

 

PENTA MEZZANINE SBIC FUND I, L.P.,

a Delaware limited partnership

 

	By:	Penta Mezzanine SBIC Fund I GP, LLC,
	 	its General Partner

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

[SIGNATURE PAGE TO WARRANT]

 

    	20

    	 

    

 

 

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:	 	 

 

    	21

    	 

    

 

 

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:	 	 

 

    	22

    	 

    

 

 

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:	 	 

 

    	23

    	 

    

  

Schedule 3.3.3

 

Calculations for Adjustment of Current
Holder’s Equity Interest

 

Section 3.3.3(a):

 

If the audited Adjusted EBITDA of the Company and its Subsidiaries
for the Fiscal Year ending December 31, 2018 equals $15,000,000, the Current Holder’s Equity Interest is increased by a percentage
equal to:

 

($19,250,000 - $15,000,000) / $15,000,000 = 0.28333333

 

Therefore, the Current Holder’s Equity Interest equals
4,960,740 shares * 1.28333333 = 6,366,283 shares.

 

Put Price:

 

If the audited Adjusted EBITDA (or if unavailable, the reviewed
Adjusted EBITDA) of the Company and its Subsidiaries for the twelve trailing months for the quarter-end immediately preceding the
Put Closing equals $15,000,000, the Current Holder’s Equity Interest is deemed to increase by a percentage equal to:

 

($19,250,000 - $15,000,000) / $15,000,000 = 0.28333333

 

Therefore, the Current Holder’s Equity Interest is deemed
to equal 4,960,740 shares * 1.28333333 = 6,366,283 shares.Exhibit 10.20

 

Execution
Version

 

FIFTEENTH AMENDMENT TO CREDIT AGREEMENT

 

THIS FIFTEENTH AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”), is executed as of November 13, 2014 (the “Effective Date”),
by and among TWINLAB CORPORATION, a Delaware corporation (“Borrower”), TWINLAB HOLDINGS, INC.,
a Michigan corporation formerly known as Idea Sphere Inc. (“Parent”), and FIFTH THIRD BANK, an Ohio banking
corporation and successor by merger to Fifth Third Bank, a Michigan banking corporation (“Lender”), is as follows:

 

Preliminary Statements

 

A.           Borrower,
Parent and Lender are parties to a Credit Agreement dated as of January 7, 2008, as amended by the First Amendment to Credit
Agreement and Amendment to Loan Documents dated as of December 2, 2008, the Second Amendment to Credit Agreement dated to
be effective as of January 2, 2009, the Third Amendment to Credit Agreement dated to be effective as of May 8, 2009,
the Forbearance and Reaffirmation Agreement and Amendment to Loan Documents dated to be effective as of September 8, 2009,
the First Amendment to Forbearance and Reaffirmation Agreement and Amendment to Loan Documents dated to be effective as of November 8,
2009, the Fourth Amendment to Credit Agreement dated to be effective as of March 8, 2010, the Fifth Amendment to Credit Agreement
dated to be effective as of December 31, 2010, the Sixth Amendment to Credit Agreement dated to be effective as of June 8,
2011, the Seventh Amendment to Credit Agreement dated to be effective as of September 8, 2011, the Eighth Amendment to Credit
Agreement dated to be effective as of December 23, 2011, the Ninth Amendment to Credit Agreement dated to be effective as
of September 30, 2012, the Tenth Amendment to Credit Agreement dated to be effective as of November 1, 2013, the Eleventh Amendment
to Credit Agreement dated to be effective as of January 5, 2014, the Twelfth Amendment to Credit Agreement dated to be effective
as of July 7, 2014, the Thirteenth Amendment to Credit Agreement dated to be effective as of July 31, 2014, and the Fourteenth
Amendment to Credit Agreement dated to be effective as of September 16, 2014 (such Credit Agreement, as heretofore amended, being
the “Credit Agreement”). Capitalized terms which are used, but not defined, in this Amendment will have the
meanings given to them in the Credit Agreement.

 

B.           The
Loan Parties have requested that Lender: (i) consent to the Penta Mezzanine Transaction (as defined below), (ii) consent to the
Sale/Leaseback Transaction (as defined below), (iii) decrease the maximum Revolving Commitment (subject to availability) from $15,000,000
to $9,500,000; and (iv) make certain other amendments to the Credit Agreement and certain other Loan Documents, all as more specifically
set forth herein. Lender is willing to consent to such requests and amend the Credit Agreement and the other Loan Documents, as
applicable, to reflect such modifications, all on the terms, and subject to the conditions, of this Amendment.

 

    	 

    	 

    

 

Statement of Agreement

 

In consideration of
the mutual covenants and agreements set forth in this Amendment, and for other good and valuable consideration, Lender, Parent
and Borrower hereby agree as follows:

 

1.           Amendments
to the Credit Agreement.

 

1.1           Section 1.1
of the Credit Agreement is hereby amended by the addition of the following new definitions, in their proper alphabetical orders,
to provide in their respective entireties as follows:

 

“Equipment Sale Reserve”
means a Borrowing Base Reserve in an aggregate amount equal to $1,250,000.

 

“Fifteenth Amendment”
means the Fifteenth Amendment to Credit Agreement, dated to be effective as of the Fifteenth Amendment Effective Date, among Borrower,
Parent and Lender.

 

“Fifteenth Amendment Effective
Date” means November 13, 2014.

 

“Penta” means
Penta Mezzanine SBIC Fund I, L.P., Delaware limited partnership.

 

“Penta Mezzanine Transaction”
means all documents, instruments or agreements executed in connection with or contemplated by the Penta Subordinated Debt Documents,
thereby making the Penta Subordinated Debt subordinate and junior to the Senior Debt and all Liens securing the Senior Debt to
the extent and in the manner set forth in the Penta Subordination Agreement.

 

“Penta Mezzanine Transaction
Net Proceeds” means all proceeds of the Penta Note Purchases and the Penta Mezzanine Transaction net of all costs and
expenses arising from the Penta Mezzanine Transaction.

 

“Penta Note and Warrant
Purchase Agreement” means that certain Note and Warrant Purchase Agreement, dated as of the Fifteenth Amendment Effective
Date, by and among Penta, as “Purchaser”, and Borrower, Parent, TCC, ISI and TCHI, as the “Companies”.

 

“Penta Note Purchases”
means, collectively, the purchases by Penta of the Penta Notes.

 

    	- 2 -

    	 

    

 

“Penta Notes”
means, collectively, (a) that certain Initial Note, dated to be effective as of the Fifteenth Amendment Effective Date, made payable
to Penta, as “Lender”, by Borrower, Parent, TCC, ISI and TCHI, collectively, as “Borrowers”, in the principal
amount of $8,000,000, and (b) that certain Deferred Draw Note (as defined in the Penta Note Purchase and Warrant Agreement).

 

“Penta Subordination Agreement”
means the Subordination Agreement between Penta and Lender dated to be effective as of the Fifteenth Amendment Effective Date,
among other things, subordinating the Penta Subordinated Debt to the Obligations and Penta’s Liens to Lender’s Liens,
to the extent set forth therein.

 

“Penta Subordinated Debt”
means, collectively, (a) the Indebtedness arising under or evidenced by the Penta Note Purchases and the Penta Notes; and (b) all
other Subordinated Debt (as defined in the Penta Subordination Agreement), all as exists as of the Fifteenth Amendment Effective
Date or may, after the Fifteenth Amendment Effective Date, be renewed, extended, consolidated, adjusted or increased subject to
Section 5.2 and any Refinancing Debt with respect thereto.

 

“Penta Subordinated Debt
Default” means any of the following (or any combination of the following): (a) the occurrence and continuance of a default
or breach by Parent, Borrower and/or, as applicable, any other Loan Party of or under any of the Penta Subordinated Debt Documents,
after the lapse of any applicable notice and cure periods, that would permit Penta to accelerate the maturity of the Penta Subordinated
Debt or (b) any acceleration of any of the Penta Subordinated Debt.

 

“Penta Subordinated Debt
Documents” means, collectively, (a) the Penta Note and Warrant Purchase Agreement, (b) the Penta Notes, (c) the Subordinated
Debt Agreements (as defined in the Penta Subordination Agreement), and (d) any other document, instrument or agreement evidencing
the Penta Subordinated Debt, as any or all of the foregoing documents, instruments, and agreements are in effect as of the Fifteenth
Amendment Effective Date or, subject to Section 5.2, as at any time after the Fifteenth Amendment Effective Date are amended,
modified, supplemented, restated, renewed, extended, or otherwise changed and any documents, instruments, or agreements given,
subject to Section 5.2, in substitution of any of them (including in connection with any Refinancing Debt with respect thereto).

 

“Sale/Leaseback Documents”
means, collectively, (a) the Agreement Regarding Equipment and Lease in the form attached to the Fifteenth Amendment and (b) any
other document, instrument or agreement evidencing the Sale/Leaseback Transaction, as any or all of the foregoing documents, instruments,
and agreements are in effect as of the Fifteenth Amendment Effective Date.

 

    	- 3 -

    	 

    

 

“Sale/Leaseback
Transaction” means all documents, instruments or agreements executed in connection with or contemplated by the Agreement
Regarding Equipment and Lease, thereby allowing Borrower to sell certain equipment and use the available funds from the net proceeds
of the sale to the extent and in the manner contemplated in the Fifteenth Amendment.

 

1.2         The
following definitions in Section 1.1 of the Credit Agreement are hereby amended in their respective entireties by substituting
the following in their respective places:

 

“Fixed Charges”
means, for the applicable Test Period, the total (without duplication), in Dollars, of (all as determined on a consolidated basis
in accordance with GAAP): (a) the principal amount of Loan Parties’ consolidated long-term debt and obligations, in
each case, paid during the applicable Test Period (including all payments made under the Little Harbor Subordinated Debt Documents
and the Penta Subordinated Debt Documents; provided that nothing herein shall be deemed to allow any such payments unless
expressly permitted under the other provisions of the Loan Documents); (b) the principal portion of Loan Parties’ aggregate
consolidated Capitalized Lease Obligations paid during the applicable Test Period; (c) Loan Parties’ aggregate consolidated
cash payments of interest during the applicable Test Period (including, as applicable, interest paid on the Obligations, the Alticor
Note, the Owner/Affiliate Subordinated Debt, the LaSalle Debt, the Capitalized Lease Obligations, and any other Indebtedness for
the applicable Test Period); (d) Loan Parties’ aggregate consolidated cash payments of income and franchise taxes during
such Test Period (whether or not in the form of Tax Distributions); and (e) all dividends and distributions paid by Parent
to its shareholders for such Test Period (including each Permitted Preferred Cash Dividend Payment) (provided that nothing
herein shall be deemed to allow any such dividends and distributions unless expressly permitted under Section 5.6).

 

“Funded Indebtedness”
means, as of any date of determination, the principal portion of all Indebtedness (without duplication) of Loan Parties on a consolidated
basis: (a) in respect of any borrowed money (including the Obligations and excluding the Owner/Affiliate Subordinated Debt, the
Indebtedness evidenced by the Alticor Note, the LaSalle Debt, the Fifth Third Shareholder Loans, the Little Harbor Subordinated
Debt, and the Penta Subordinated Debt, as applicable); (b) evidenced by any loan or credit agreement, promissory note, debenture,
bond, or other similar written obligation to pay money (including the Loan Documents and excluding the Owner/Affiliate Subordinated
Debt Documents, the Alticor Note, the Fifth Third Shareholder Loans Documents, the LaSalle Debt Documents, the Little Harbor Subordinated
Debt Documents, and the Penta Subordinated Debt Documents, as applicable); (c) under any Capitalized Lease, Synthetic Lease or
any form of off-balance sheet financing; (d) for the deferred and unpaid purchase price of any Property or business or any services
(other than trade accounts and accrued liabilities payable incurred in the ordinary course of business and constituting current
liabilities not more than ninety (90) days in arrears measured from the date of billing or accrual), all as determined in accordance
with GAAP; and (e) any guaranty or endorsement of, or responsibility for any Indebtedness of the types described in this definition.

 

    	- 4 -

    	 

    

 

“Indebtedness”
means all of a Person’s indebtedness, obligations, and liabilities to any other Person, including: (a) in respect of Loan
Parties, as applicable, the Obligations (including any and all Rate Management Obligations), the Owner/Affiliate Subordinated Debt,
the Alticor Note, the LaSalle Debt, the Little Harbor Subordinated Debt, and the Penta Subordinated Debt, (b) all Guaranty Obligations,
and (c) all other debts, claims and indebtedness, contingent, fixed or otherwise, heretofore, now and from time to time hereafter
owing, due or payable, however evidenced, created, incurred, acquired or owing and however arising, whether under written or oral
agreement, operation of law, or otherwise, to the extent the foregoing would be classified as a liability on a Person’s balance
sheet in accordance with GAAP.

 

“Loan Documents”
means, collectively, this Agreement, the Notes, the Individual Guaranties, the Loan Party Guaranty, the Security Documents, the
Capital Contribution Agreement, the Owner/Affiliate Subordination Agreements, the Little Harbor Subordination Agreement, the Penta
Subordination Agreement, each Rate Management Agreement between Borrower and Lender or any Affiliate of Lender, the Letter of Credit
Documents, and every other document or agreement executed by any Person evidencing, governing, guarantying or securing any of the
Obligations, and “Loan Document” means any one of the Loan Documents, and as now in effect or as at any time
after the date of this Agreement amended, modified, supplemented, restated, or otherwise changed and any substitute or replacement
agreements, instruments, or documents accepted by Lender or, as applicable, an Affiliate of Lender.

 

“Refinance”
means, in respect of any Funded Indebtedness, the Owner/Affiliate Subordinated Debt, the Little Harbor Subordinated Debt, and the
Penta Subordinated Debt, to refinance, extend, renew, defease, amend, modify, supplement, restructure, replace, refund or repay
(in full), or to issue other Indebtedness in exchange or replacement for, such Indebtedness in whole or in part. “Refinanced”
and “Refinancing” shall have correlative meanings.

 

“Refinancing Debt”
means, as to any Funded Indebtedness, the Owner/Affiliate Subordinated Debt, the Little Harbor Subordinated Debt, and the Penta
Subordinated Debt, the Refinance of such Indebtedness, provided that the following conditions (together with any other conditions
set forth in any other Loan Documents) are satisfied:

 

    	- 5 -

    	 

    

 

(a)          the
weighted average life to maturity of such Refinancing Debt shall be greater than or equal to the weighted average life to maturity
of the Indebtedness being Refinanced;

 

(b)          the
principal amount of such Refinancing Debt shall be less than or equal to the sum of the principal amount then outstanding of, plus
accrued and unpaid interest on and financing fees related to, the Indebtedness being Refinanced;

 

(c)          the
respective obligor or obligors shall be the same on the Refinancing Debt as on the Indebtedness being Refinanced;

 

(d)          the
priority of payment of such Refinancing Debt shall be the same as or lower than the ranking of the Indebtedness being Refinanced,
including the execution of a subordination agreement with Lender, on no less favorable terms to Lender, than exists under any subordination
agreement that is applicable to the Indebtedness being Refinanced; provided, however, that any Refinancing of the Alticor
Note shall be on terms and conditions acceptable to Lender in its discretion;

 

(e)          the
security, if any, for the Refinancing Debt shall be the same as that for the Indebtedness being Refinanced (except to the extent
that less security is granted to holders of the Refinancing Debt);

 

(f)          the
terms of such Refinancing Debt (including covenants, events of default and remedies) are no less favorable, when taken as a whole,
to Loan Parties than the terms of this Agreement at the time such Indebtedness is being Refinanced; and

 

(g)          Loan
Parties are in compliance with the Financial Covenants, on a pro forma basis, after giving effect to the incurrence of such
Refinancing Debt and the scheduled repayment of the Indebtedness being Refinanced. To determine whether there is pro forma
compliance with the Financial Covenants, Parent will, on a pro forma basis, provide a worksheet to Lender at least 10 days
before incurring such Refinancing Debt, which (i) restates the Financial Statements received by Lender for the Fiscal Quarter or
the Fiscal Year, as applicable, ended most closely before the date such Refinancing Debt is proposed to be incurred as if the proposed
Refinancing Debt had been made, and the Indebtedness had been Refinanced, at the beginning of the applicable Test Period and (ii)
calculates, as applicable, the Fixed Charge Coverage Ratio under Section 5.10, and the Senior Funded Indebtedness to EBITDA
Ratio under Section 5.11, in each case taking into account such proposed Refinancing Debt as if the proposed Refinancing
Debt had been made, and the Indebtedness had been refinanced, at the beginning of the applicable Test Period.

 

    	- 6 -

    	 

    

 

“Revolving Commitment”
means $9,500,000, subject to Section 2.2(h).

 

1.3           Clause
(k) of the definition of Permitted Lien is hereby amended in its entirety by substituting the following in its place:

 

(k) Liens (a)
securing the Penta Subordinated Debt permitted under the Penta Subordination Agreement and (b) listed on Schedule 3.9,
provided that those Liens secure only the Indebtedness which the Liens secure on the Closing Date (or with respect to the Penta
Subordinated Debt, the Indebtedness contemplated by the Penta Subordination Agreement) or any Refinancing Debt thereof.

 

1.4           Section 2.1(c) of
the Credit Agreement is hereby amended in its entirety by substituting the following in its place:

 

(c)       Contemporaneously
with Borrower’s execution of the Fifteenth Amendment, Borrower shall execute and deliver to Lender an Amended and Restated
Revolving Credit Promissory Note in the form of Exhibit 2.1 attached to the Fifteenth Amendment (as amended and restated,
the “Revolving Note”), dated to be effective as of the Fifteenth Amendment Effective Date, in the principal
amount of the Revolving Commitment, and bearing interest at such rates, and payable upon such terms, as specified in the Revolving
Note. Subject to compliance with the applicable provisions of Section 6.4(b) and the Revolving Note, Borrower
may prepay the Revolving Loans in whole or part at any time without premium or penalty.

 

1.5           Section
5.1(a) of the Credit Agreement is hereby amended in its entirety by substituting the following in its place:

 

(a)          Indebtedness
for borrowed money other than: (i) the Obligations; (ii) the Owner/Affiliate Subordinated Debt existing as of the Fifteenth Amendment
Effective Date; (iii) the Little Harbor Subordinated Debt existing as of the Fifteenth Amendment Effective Date; (iv) the Penta
Subordinated Debt permitted by the Penta Subordination Agreement; (v) Permitted Purchase Money Indebtedness; (vi) such Rate Management
Obligations and credit card Obligations owing to Lender or its Affiliates pursuant to such terms and conditions as agreed to by
Lender and Borrower; (vii) additional unsecured loans or advances from one or more Owner/Affiliate Subordinated Creditors constituting
Owner/Affiliate Subordinated Debt so long as (A) such Indebtedness is subject to an Owner/Affiliate Subordination Agreement, (B)
the incurrence of such Indebtedness does not create an Event of Default and (C) the terms and conditions applicable to such Indebtedness
(including maturity date, interest rate and amortization) are acceptable to Lender in its discretion; (viii) Indebtedness listed
on Schedule 5.1; and (ix) other Indebtedness for borrowed money not otherwise authorized by this Section 5.1 that
has been specifically approved in writing by Lender;

 

    	- 7 -

    	 

    

 

1.6           Section
5.2(b) of the Credit Agreement is hereby amended in its entirety by substituting the following in its place:

 

(b)          No
Loan Party will: (i) make any payment (including any principal, premium, interest, fee or charge) with respect to (A) any of the
Owner/Affiliate Subordinated Debt except to the extent, and in the manner, expressly permitted by the applicable Owner/Affiliate
Subordination Agreement; (B) any of the Little Harbor Subordinated Debt except to the extent, and in the manner, expressly permitted
by the Little Harbor Subordination Agreement; or (C) any of the Penta Subordinated Debt except to the extent, and in the manner,
expressly permitted by the Penta Subordination Agreement; or (ii) repurchase, redeem, defease, acquire or reacquire for value any
of the Owner/Affiliate Subordinated Debt, the Little Harbor Subordinated Debt, or, subject to the Penta Subordination Agreement,
the Penta Subordinated Debt.

 

1.7           Section
5.2(d) of the Credit Agreement is hereby amended in its entirety by substituting the following in its place:

 

(d)          No
Loan Party will seek, agree to or permit, directly or indirectly, the amendment, waiver or other change to: (i) any of the terms
of payment (including, principal, interest or premium provisions) of or applicable to, or the provisions governing the priority
of or security for the payment and performance of the obligations under or applicable to, or acceleration, termination, financial
or negative covenant, or default provisions of or applicable to, any of the Owner/Affiliate Subordinated Debt Documents, the Little
Harbor Subordinated Debt Documents, or the Penta Subordinated Debt Documents, (ii) increase the total amount of Indebtedness owing
to (A) Little Harbor from that which exists on the Fifteenth Amendment Effective Date unless in compliance with Section 5.1,
(B) Penta from that which exists on the Fifteenth Amendment Effective Date or is otherwise to be incurred after the Effective Date
as permitted by the Penta Subordination Agreement, (C) any Owner/Affiliate Subordinated Creditor from that which exists on the
Fifteenth Amendment Effective Date unless in compliance with Section 5.1, or (iii) any other material term of or applicable
to any of the Owner/Affiliate Subordinated Debt Documents, the Little Harbor Subordinated Debt Documents, or the Penta Subordinated
Debt Documents. For purposes of this Section 5.2(d), “material” means any modification, waiver, or amendment
of any of the Owner/Affiliate Subordinated Debt Documents, Little Harbor Subordinated Debt Documents, or the Penta Subordinated
Debt Documents, which, in the judgment of Lender exercised in good faith, would (1) adversely affect any of Lender’s rights
or remedies under the Loan Documents or Lender’s security interest in or other Lien on the Loan Collateral (including the
priority of Lender’s interests) or (2) create or result in an Event of Default.

 

    	- 8 -

    	 

    

 

1.8           Section
5.4 of the Credit Agreement is amended by deleting the first sentence in its entirety and substituting the following in its
place: Other than Permitted Liens, no Loan Party will create, incur, assume or permit to exist, arise or attach any Lien on any
present or future asset.

 

1.9           Sections
6.1(f) and 6.1(w) of the Credit Agreement are hereby amended in their entirety by substituting the following in their
respective places:

 

(f)          (i)
There occurs an Owner/Affiliate Subordinated Debt Default which has not been waived in writing by the Owner/Affiliate Subordinated
Creditors except to the extent the remedies thereunder are stayed under the applicable Owner/Affiliate Subordination Agreement;
(ii) There occurs a Little Harbor Subordinated Debt Default which has not been waived in writing by Little Harbor except to the
extent the remedies thereunder are stayed under the Little Harbor Subordination Agreement; (iii) There occurs a Penta Subordinated
Debt Default which has not been waived in writing by Penta except to the extent the remedies thereunder are stayed under the Penta
Subordination Agreement; or (iv) A Loan Party defaults under the terms of any other Indebtedness for borrowed money or lease that,
individually or in the aggregate (when added to all other Indebtedness, if any, of any one or more Loan Party then in default),
involves Indebtedness for borrowed money or lease payments in excess of $1,000,000 and such default gives any creditor or lessor
the right to accelerate the maturity of any such Indebtedness for borrowed money or lease payments and such default is not cured
within any applicable cure period; or

 

 *     *     *     *     *     *     *

 

(w)          (i)
any Owner/Affiliate Subordination Agreement is terminated or ceases, for any reason, to be in full force and effect (other than
as agreed in writing by Lender or in accordance with its express terms), (ii) any of the Owner/Affiliate Subordinated Creditors
denies in writing its, his or her obligations under the applicable Owner/Affiliate Subordination Agreement or attempts to limit
or terminate or revoke its, his or her obligations under the applicable Owner/Affiliate Subordination Agreement, (iii) the Little
Harbor Subordination Agreement is terminated or ceases, for any reason, to be in full force and effect (other than as agreed in
writing by Lender or in accordance with its express terms), (iv) Little Harbor denies in writing its obligations under the Little
Harbor Subordination Agreement or attempts to limit or terminate or revoke its obligations under the Little Harbor Subordination
Agreement, (v) the Penta Subordination Agreement is terminated or ceases, for any reason, to be in full force and effect (other
than as agreed in writing by Lender or in accordance with its express terms), or (vi) Penta denies in writing its obligations under
the Penta Subordination Agreement or attempts to limit or terminate or revoke its obligations under the Penta Subordination Agreement.

 

    	- 9 -

    	 

    

 

2.            Consent
to Penta Mezzanine Transaction and Sale/Leaseback Transaction; Use of Penta Mezzanine Transaction Net Proceeds.

 

2.1          Consent;
Use of Penta Mezzanine Transaction Net Proceeds. Borrower and Parent have requested that Lender consent to the Penta
Mezzanine Transaction and the Sale/Leaseback Transaction. Subject to the terms, and on the conditions, of this Amendment, Lender
hereby consents, without representation, warranty or recourse, to the Penta Mezzanine Transaction, and hereby agrees that, notwithstanding
anything to the contrary in the Credit Agreement, any other Loan Document, any of the Penta Subordinated Debt Documents, or any
other document, instrument or agreement, the Penta Mezzanine Transaction Net Proceeds shall, absent the occurrence and continuance
of an Event of Default (in which case such proceeds shall be applied in the order and manner determined by Lender), be applied:
(i) first, to the costs and expenses arising from the Penta Mezzanine Transaction, (ii) second, as a non-permanent paydown to the
then outstanding principal balance of the Revolving Loans, and (iii) third, in repayment of any of the other Obligations then due
and payable. The Loan Parties hereby agree that none of the Loan Parties shall have any legal or beneficial interest in the Penta
Mezzanine Transaction Net Proceeds except to any extent required to cause the Penta Mezzanine Transaction Net Proceeds to be applied
as set forth in the immediately preceding sentence (the “Penta Mezzanine Transaction Net Proceeds Application”),
and no Loan Party shall, or shall have any right to, use any of the Penta Mezzanine Transaction Net Proceeds for any purpose other
than the Penta Mezzanine Transaction Net Proceeds Application, it being understood and agreed that the Penta Mezzanine Transaction
Net Proceeds shall be “earmarked” for such purpose.

 

Lender hereby consents,
without representation, warranty or recourse, to the Sale/Leaseback Transaction, so long as each of the following conditions precedent
is met:

 

(a)          The
Net Proceeds of the Sale/Leaseback Transaction are (i) no less than $2,500,000 and (ii) received by (or before) 5:00 p.m. Cincinnati,
Ohio time on or before December 31, 2014 by way of fedwire transfer in immediately available funds directed as follows:

 

	Bank Name:	Fifth Third Bank
	ABA Routing No.:	042000314
	Account No:	[     ]
	Account Name:	Commercial Wire Account
	Reference:	Twinlab/Delaina Phirman

 

    	- 10 -

    	 

    

 

(b)        Notwithstanding
anything to the contrary in the Credit Agreement or any other Loan Document, the Net Proceeds of the Sale/Leaseback Transaction shall,
absent the occurrence and continuance of an Event of Default (in which case such proceeds shall be applied in the order and manner
determined by Lender), be applied (i) first, to the costs and expenses arising from the Sale/Leaseback Transaction, (ii) second,
as a non-permanent paydown to the then outstanding principal balance of the Revolving Loans, and (iii) third, in repayment of any
of the other Obligations then due and payable

 

(c)           Lender
receives a fully executed copy of the Agreement Regarding Equipment and Lease substantially in the form attached as Exhibit
A;

 

(d)           In
addition to, and without limiting, any Loan Party’s obligations in any other Loan Document: (i) Borrower pays and reimburses
Lender, promptly upon Lender’s request, for the costs and expenses incurred by Lender in connection with the Sale/Leaseback
Transaction and the transactions contemplated thereby and in connection therewith, including, without limitation, reasonable attorneys’
fees, and (ii) Borrower pays to Lender a fee in the amount of $10,000;

 

(e)           Contemporaneously
with the consummation of the Sale/Leaseback Transaction, the Equipment Sale Reserve is implemented, for all purposes of the Credit
Agreement and other Loan Documents; and

 

(f)           Any
default by Borrower or Parent in the performance of any of such Loan Party’s obligations under the Sale/Leaseback Transaction
shall constitute an immediate Event of Default under the Credit Agreement.

 

The consents provided
in this Section 2.1, either alone or together with other consents which Lender may give from time to time, shall not, by
course of dealing, implication or otherwise: (a) obligate Lender to consent to any other event, transaction or occurrence (including,
without limitation, any merger involving one or more Loan Parties) of any kind, in each case past, present or future, other than
(i) the Penta Mezzanine Transaction and the Sale/Leaseback Transaction, in each case specifically consented to by, and subject
to the terms of, this Amendment or (ii) in the manner, and to the extent, if any, expressly permitted pursuant to the Loan Documents
without Lender’s consent, (b) except as expressly set forth herein or in the other Amendment Documents (as defined below),
constitute or be deemed to be a modification or amendment of the Credit Agreement or any of the other Loan Documents, or (c) reduce,
restrict or in any way affect the discretion of Lender in considering any future consent requested by any Loan Party.         

 

3.          Conditions
Precedent. On or prior to the time and date that Lender executes this Amendment, and as a condition to the effectiveness
of this Amendment, each of the following conditions precedent shall have been satisfied in the sole judgment of Lender:

 

    	- 11 -

    	 

    

 

3.1         Other
Documents. With the signing of this Amendment, and as a condition of this Amendment, Borrower will deliver to Lender, in each
case in form and substance acceptable to Lender in its sole discretion and, as applicable, duly executed by all parties thereto
(other than Lender, as applicable): (a) this Amendment, duly signed by Borrower and Parent; (b) an Amended and Restated Revolving
Credit Promissory Note in the form of Exhibit 2.1 attached to this Amendment (the “Amended and Restated Revolving
Note”); (c) evidence that this Amendment, the Amended and Restated Revolving Note, and the transactions contemplated
hereby and thereby were duly authorized by the Sole Director of each of Borrower and Parent, as applicable; (d) evidence that the
Reaffirmation of Guaranty and Security (as referenced in Section 3.2) and the transactions contemplated thereby
were duly authorized by the Sole Director of each Non-Borrower Loan Party; (e) the Penta Subordination Agreement; and (f) all
other documents, instruments and agreements deemed necessary or desirable by Lender to effect the amendments to Borrower’s
credit facilities with Lender contemplated by this Amendment, including executed copies of the Penta Subordinated Debt Documents.

 

3.2         Reaffirmations
of Guaranty and Security; Reaffirmation of Individual Guaranties; Reaffirmation and Amendment of Capital Contribution Agreement.
As a condition of this Amendment, Borrower and Parent shall cause (a) each of the Loan Parties (other than Borrower) to
execute the Reaffirmations of Guaranty and Security below, (b) each of the Individual Guarantors (other than Mark A. Fox, as a
result of his death, and John Paul DeJoria, as a result of no longer being an Individual Guarantor) to execute the Reaffirmation
of Individual Guaranties below, and (c) each of the Contributors to execute the Reaffirmation and Amendment of Capital
Contribution Agreement below.

 

3.3         Reaffirmations
of Subordination. As a condition of this Amendment, Borrower and Parent shall cause each of David L. Van Andel, William W.
Nicholson and Little Harbor to execute the applicable Reaffirmation of Subordination below.

 

4.            Reaffirmation
of Security. Borrower, Parent and Lender hereby expressly intend that this Amendment shall not in any manner (a) constitute
the refinancing, refunding, payment or extinguishment of the Obligations evidenced by the existing Loan Documents; (b) be
deemed to evidence a novation of the outstanding balance of the Obligations; or (c) adversely affect, replace, impair, or
extinguish the creation, attachment, perfection or priority of the Liens on the Loan Collateral granted pursuant to any Security
Document evidencing, governing or creating a Lien on the Loan Collateral. Each of Borrower and Parent ratifies and reaffirms any
and all grants of Liens to Lender on the Loan Collateral as security for the Obligations, and each of Borrower and Parent acknowledges
and confirms that the grants of the Liens to Lender on the Loan Collateral: (i) represent continuing Liens on all of the Loan
Collateral, (ii) secure all of the Obligations, and (iii) represent valid, first and best Liens on all of the Loan Collateral
except to the extent of any Permitted Liens.

 

5.            Representations.
To induce Lender to accept this Amendment, each of Borrower and Parent hereby represents and warrants to Lender as follows:

 

5.1         Each
of Borrower and Parent has full power and authority to enter into, and to perform its obligations under, this Amendment, the Amended
and Restated Revolving Note, and the other Loan Documents being executed and/or delivered in connection herewith (collectively,
the “Amendment Documents”), as applicable, and the execution and delivery of, and the performance of its obligations
under and arising out of, the applicable Amendment Documents have been duly authorized by all necessary corporate action.

 

    	- 12 -

    	 

    

 

5.2         Each
Amendment Document, as applicable, constitutes the legal, valid and binding obligations of Borrower and Parent, as applicable,
enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting creditors’ rights generally.

 

5.3         The
Loan Parties’ representations and warranties contained in the Credit Agreement are
complete and correct as of the date of this Amendment with the same effect as though such representations and warranties had been
made again on and as of the date of this Amendment, except to the extent any such representation or warranty is stated to relate
solely to an earlier date (and except that such representations and warranties shall not be further qualified by materiality where,
by their respective terms, they are already qualified by reference to materiality, including a Material Adverse Effect), subject
to those changes as are not prohibited by, or do not constitute Events of Default under, the Credit Agreement.

 

5.4         After
giving effect to the terms of this Amendment, no Event of Default has occurred and is continuing under the Credit Agreement.

 

6.            Fifteenth
Amendment Fee; Costs and Expenses; Non-Exit Fee. As a condition of this Amendment, (a) Borrower will pay to Lender an amendment
fee of $25,000 (“Fifteenth Amendment Fee”), payable in full on the Effective Date; such Fifteenth Amendment
Fee, when paid, will be fully earned and non-refundable under all circumstances; (b) Borrower will pay and reimburse Lender, promptly
upon Lender’s request, for the costs and expenses incurred by Lender in connection with this Amendment and the transactions
contemplated hereby and in connection herewith, including, without limitation, reasonable attorneys’ fees; and (c) in addition
to the Fifteenth Amendment Fee, unless the Obligations are paid and satisfied in full and the Credit Agreement is terminated on
or before December 31, 2014, Borrower shall pay to Lender a fee, in an aggregate amount equal to $100,000 (the “Non-Exit
Fee”), payable in full on December 31, 2014. The Non-Exit Fee shall be (i) fully earned as of the Effective Date, but
subject to the condition for payment thereof and (ii) non-refundable under all circumstances following the payment thereof. Borrower
hereby authorizes and directs Lender to withdraw, on the date on which the Non-Exit Fee becomes due and payable in accordance with
this Section 6, the Non-Exit Fee from its loan account at Lender, account number XXXXXX[    ].

 

7.            Entire
Agreement. This Amendment, together with the other Loan Documents, sets forth the entire agreement of the parties with
respect to the subject matter of this Amendment and supersedes all previous understandings, written or oral, in respect of this
Amendment.

 

    	- 13 -

    	 

    

 

8.            Release.
Each of Borrower and Parent, on such Loan Party’s behalf and, as applicable, on behalf of such Loan Party’s officers,
directors, members, managers, shareholders, administrators, heirs, legal representatives, beneficiaries, affiliates, subsidiaries,
successors and assigns, hereby represents and warrants that such Loan Party has no claims, counterclaims, setoffs, actions or causes
of action, damages or liabilities of any kind or nature whatsoever, whether in law or in equity, in contract or in tort, whether
now accrued or hereafter maturing (collectively, “Claims”) against Lender, its direct or indirect parent
corporation or any direct or indirect affiliates of such parent corporation, or any of the foregoing’s respective directors,
officers, employees, attorneys and legal representatives, or the heirs, administrators, successors or assigns of any of them (collectively,
“Lender Parties”) that directly or indirectly arise out of, are based upon or are in any manner connected
with any Prior Related Event. Each of Borrower and Parent, on such Loan Party’s behalf and, as applicable, on behalf of such
Loan Party’s officers, directors, members, managers, shareholders, administrators, heirs, legal representatives, beneficiaries,
affiliates, subsidiaries, successors and assigns, voluntarily releases and forever discharges and indemnifies and holds harmless
all Lender Parties from any and all Claims and other third-party claims that may be asserted against the Lender Parties, whether
known or unknown, 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 Loan Document, (b) any actions, transactions,
matters or circumstances related hereto or thereto, (c) the conduct of the relationship between any Lender Party and any Loan
Party or other Person, or (d) any other actions or inactions by any Lender Party, all on or prior to the Effective Date.

 

9.            Default.
Any default by Borrower or Parent in the performance of any of such Loan Party’s obligations under this Amendment shall constitute
an immediate Event of Default under the Credit Agreement.

 

10.         Continuing
Effect of Credit Agreement; Reaffirmation of Loan Documents. Except as expressly amended hereby, all of the provisions
of the Credit Agreement are ratified and confirmed and remain in full force and effect. The existing Loan Documents, except as
amended by this Amendment or amended, or amended and restated, in connection herewith, as applicable, shall remain in full force
and effect, and each of them, as applicable, is hereby ratified and confirmed by Borrower, Parent, and Lender.

 

11.         One
Agreement; References; Fax Signature. The Credit Agreement, as amended by this Amendment, will be construed as one agreement.
All references in any of the Loan Documents to the (a) Credit Agreement will be deemed to be references to the Credit Agreement
as amended by this Amendment, (b) Capital Contribution Agreement will be deemed to be references to the Capital Contribution Agreement
as amended by the Reaffirmation and Amendment of Capital Contribution Agreement, (c) Revolving Note will be deemed to be references
to the Amended and Restated Revolving Note, (d) the Loan Party Guaranty will be deemed to be references to the Loan Party Guaranty
as amended by the Reaffirmation of Guaranty and Security provided herewith and (e) the Loan Party Security Agreement will be deemed
to be references to the Loan Party Security Agreement as amended by the Reaffirmation of Guaranty and Security provided herewith.
This Amendment and the other Amendment Documents may be signed by facsimile signatures or other electronic delivery of an image
file reflecting the execution hereof or thereof, and, if so signed: (i) may be relied on by each party as if the document
were a manually signed original and (ii) will be binding on each party for all purposes.

 

    	- 14 -

    	 

    

 

12.         Captions.
The headings to the Sections of this Amendment have been inserted for convenience of reference only and shall in no way modify
or restrict any provisions hereof or be used to construe any such provisions.

 

13.         Counterparts.
This Amendment may be executed in multiple counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

 

14.         Governing
Law; Severability. This Amendment shall be governed by and construed in accordance with the internal laws of the State
of Ohio (without regard to Ohio conflicts of law principles). If any term of this Amendment is found invalid under Ohio law or
laws of mandatory application by a court of competent jurisdiction, the invalid term will be considered excluded from this Amendment
and will not invalidate the remaining terms of this Amendment.

 

15.         Joint
Obligations. The obligations of Borrower and Parent under this Amendment and, as applicable, the other Loan Documents are
joint, several and primary. No Loan Party will be or be deemed to be an accommodation party with respect to any of the Loan Documents.

 

16.         WAIVER
OF JURY TRIAL. BORROWER, PARENT, AND LENDER EACH WAIVE TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING
IN RESPECT OF OR ARISING OUT OF THIS AMENDMENT, ANY OF THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

17.         Acknowledgments
Regarding Mark A. Fox, etc. Borrower, Parent and Lender hereby acknowledge and agree that: (a) John Paul DeJoria
is no longer (i) an “Individual Guarantor”, (ii) an “Owner/Affiliate Subordinated Creditor”, or (iii) a
“Contributor”; (b) (i) neither, as a result of his death, Mark A. Fox nor, as a result of no longer being an Individual
Guarantor, John Paul DeJoria is executing the Reaffirmation of Individual Guaranties required to be executed by the Individual
Guarantors pursuant to this Amendment; (ii) neither, as a result of his death, Mark A. Fox nor John Paul DeJoria is executing
the Reaffirmation and Amendment of Capital Contribution Agreement required to be executed by the Contributors pursuant to
this Amendment; and (iii) neither, as a result of his death, Mark A. Fox nor John Paul DeJoria is executing the Reaffirmation
of Subordination required to be executed by the Owner Affiliate/Subordinated Creditors pursuant to this Amendment; (c) none
of Borrower, Parent, or any other Person is released from his or its obligations under any Loan Document by reason of any of the
foregoing; and (d) nothing herein is intended, or shall be construed, to release any of Anthony Robbins, the estate of Mark
A. Fox or Peter Lusk from his or its respective obligations under any of such Loan Documents, as applicable.

 

18.         Acknowledgement
of Reaffirmation and Amendment of Capital Contribution Agreement. Borrower and Parent each hereby acknowledges and agrees
that the Capital Contribution Agreement is amended pursuant to the Reaffirmation and Amendment of Capital Contribution Agreement
provided herewith and the terms and conditions pursuant to which Contributors are required to make Capital Contribution Payments
are set forth in the Capital Contribution Agreement, as amended by the Reaffirmation and Amendment of Capital Contribution Agreement
provided herewith.

 

    	- 15 -

    	 

    

 

19.         Indemnification.
Without limiting any other provision of this Amendment or any other Loan Document, Borrower and Parent hereby further: (a)
reaffirm Section 9.11 of the Credit Agreement and (b) indemnify, defend, save and hold Lender, its Affiliates, and their
respective officers, directors, attorneys, and employees harmless of, for, from and against all claims, demands, liabilities, judgments,
losses, damages, costs and expenses (including, without limitation, all accounting fees and reasonable attorneys’ fees) that
Lender or any such indemnified party, jointly or severally, incurs arising out of: (i) any Amendment Document, (ii) any transaction
contemplated by, consummated in connection with or referred to in, or any matter related to, the Amendment Documents (including,
without limitation, the Penta Mezzanine Transaction and Sale/Leaseback Transaction), or (iii) any act taken by Lender under any
Amendment Document except in any such case to the extent arising out of the bad faith, willful misconduct or gross negligence of
such indemnified party, as determined by a court of competent jurisdiction in a final non-appealable judgment or order. The provisions
of this paragraph shall survive the termination of the Credit Agreement and other Loan Documents.

 

[Signature Page Follows]

 

    	- 16 -

    	 

    

 

IN WITNESS WHEREOF,
Borrower, Parent and Lender have executed this Amendment by their duly authorized officers to be effective as of the Effective
Date.

 

	 	TWINLAB CORPORATION
	 	TWINLAB HOLDINGS, INC.
	 	 
	 	By: 	/s/  Thomas A. Tolworthy
	 	 	Thomas A. Tolworthy, President and CEO

 

	 	FIFTH THIRD BANK
	 	 
	 	By:	/s/ Andrew P. Arton
	 	Name:	Andrew P. Arton
	 	Title:	Vice President

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