Document:

Exhibit 10.78

 

COMMERCIAL LEASE AGREEMENT

 

	LESSOR:	LESSEE:
	ESSEX CAPITAL CORPORATION	TWINLAB CORPORATION
	1486 EAST VALLEY ROAD	600 E. QUALITY DRIVE
	SANTA BARBARA, CA 93108	AMERICAN FORK, UT 84003

 

EQUIPMENT LOCATION: (If other than Address
of Lessee set forth above)   same as above   
(“Equipment Location”)

 

EQUIPMENT DESCRIPTION: As described
on Addendum I attached hereto and made a part hereof (“Leased Equipment”).

 

LEASE DATE: June 30, 2015 (“Lease Date”)

 

	 	 	 	 	

                                                                       MONTHLY
	 	 	 	 	 
	LEASE TERM:	 	 	 	RENTAL:	FEES:	 	 	 	 
	36 Months	 	Amount:	 	$	4,875.37	 	 	Documentation Fee:	 	$	300.00	 
	 	 	Tax:	 	$	  	 	 	Filing Fee:	 	$	75.00	 
	 	 	Total	 	 	 	 	 	Other:	 	$	 	 
	 	 	Rentals =	 	$	 	 	 	(Less amounts received)	 	$	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	SECURITY DEPOSIT:	 	$	  	 	 	 	 	 	TOTAL FEES	 	$	 	 

 

FIRST PAYMENT DUE: June 30, 2015

 

THIS
LEASE IS A NON-CANCELABLE LEASE

 

1.          AGREEMENT TO LEASE. Lessor agrees
to lease to Lessee, and Lessee agrees to lease from Lessor, subject to the terms of this lease agreement (“Lease Agreement”
or “Lease”) and any schedules or addenda attached hereto, the Leased Equipment identified above or in
the attached schedules or addenda. Lessor may insert in this Lease Agreement the serial numbers, and other identification data,
of the Leased Equipment when determined by Lessor. The Leased Equipment shall be installed at, and shall not be removed from the
Equipment Location identified above without Lessor’s written consent. Equipment required to be registered under applicable
state vehicle laws shall not be removed from the state of registration without the Lessor’s written consent. The lease term
shall commence upon the Lease Date and shall continue for the thirty-six (36) month term referenced above (the “Initial
Term”, and if extended pursuant to the terms and conditions herein, the “Term”). This Lease
Agreement shall have no effect prior to the execution of this Lease Agreement by both parties. This Lease Agreement is not subject
to cancellation for any reason.

 

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2.          STATUS OF PARTIES, WARRANTIES AND DEFENSES.
This is a finance lease (California Uniform Commercial Code Section 10103 (a)(7)). Lessee has selected the Leased Equipment from
the supplier of the Leased Equipment (the “Supplier”). Lessor has not manufactured or supplied the Leased
Equipment but is acquiring the same or the right to possession and use of the same solely in connection with this Lease Agreement,
and at the request of Lessee. Lessee acknowledges that Lessee has received copies of all contracts evidencing the purchase of the
Leased Equipment and the rights with respect thereto.

 

Lessee’s sole remedy in the event of
a claimed breach of warranty or other defect in or failure of the Leased Equipment shall be in accordance with the Supplier’s
warranty. Lessee covenants not to assert any claim against Lessor on account of any alleged defect or failure of the Leased Equipment
and Lessee may not withhold or fail to pay any installments due to Lessor hereunder.

 

LESSOR LEASES THE LEASED EQUIPMENT “AS
IS,” AND BEING NEITHER THE MANUFACTURER OF THE LEASED EQUIPMENT NOR THE AGENT OF EITHER THE MANUFACTURER OR SELLER, LESSOR
DISCLAIMS ANY REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO THE CONDITION OR PERFORMANCE OF THE LEASED
EQUIPMENT, ITS MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR WITH RESPECT TO PATENT INFRINGEMENTS OR THE LIKE. LESSOR
SHALL HAVE NO LIABILITY TO LESSEE OR ANY OTHER PERSON FOR ANY CLAIM, LOSS OR DAMAGE OF ANY KIND OR NATURE WHATSOEVER, NOR SHALL
THERE BE ANY ABATEMENT OF RENTAL FOR ANY REASON INCLUDING CLAIMS ARISING OUT OF OR IN CONNECTION WITH (i) THE DEFICIENCY OR INADEQUACY
OF THE LEASED EQUIPMENT FOR ANY PURPOSE, WHETHER OR NOT KNOWN OR DISCLOSED TO LESSOR, (ii) ANY DEFICIENCY OR DEFECT IN THE LEASED
EQUIPMENT, (iii) THE USE OR PERFORMANCE OF THE LEASED EQUIPMENT, OR (iv) ANY LOSS OF BUSINESS OR OTHER CONSEQUENTIAL LOSS OR DAMAGE,
WHETHER OR NOT RESULTING FROM ANY OF THE FOREGOING.

 

3.          PAYMENT. Lessee promises and agrees
to pay all rental installments on the date designated by Lessor and to pay such other charges as are herein provided. Payments
of rental installments for each month during the Term shall be payable at the office of Lessor, or to such other person and/or
at such other place as Lessor may from time to time designate in writing. Lessor may apply remittances received to unpaid rental
installments and/or charges on a due date basis, remittance received being applied to the oldest unpaid rental installment or charge.

 

The Lease is a net lease, it being the intention
of the parties that all costs, expenses and liabilities associated with the Leased Equipment or its lease shall be borne by Lessee.
Lessee’s agreement to pay all obligations under the Lease, including but not limited to the rental installments, is absolute
and unconditional and such agreement is for the benefit of Lessor and its assignees. Lessee’s obligations shall not be subject
to any abatement, deferment, reduction, setoff, defense, counterclaim or recoupment for any reason whatsoever.

 

In addition to the fees and payments specified
above, Lessee shall also deliver to Lessor concurrently with the execution hereof a Warrant to Purchase Common Stock of Lessee’s
indirect parent company, Twinlab Consolidated Holdings, Inc. (“TLCC”), in the form attached hereto as Addendum II.

 

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4.          FINANCIAL AND EQUIPMENT CONDITION.
Lessor may inspect the Leased Equipment at any time during business hours upon reasonable notice, and Lessee agrees to keep the
Leased Equipment in good condition and repair (ordinary wear and tear excepted) at Lessee’s expense and house the same in
suitable shelter, and not to sell or otherwise dispose of the Leased Equipment or any accessories attached hereto. Lessee shall
cause the Leased Equipment to be maintained and serviced in accordance with the recommendations of the Supplier and otherwise in
accordance with sound and customary industry practices.

 

Lessor may rely upon TLCC’s and Lessee’s
financial statements and other documents filed with the Securities and Exchange Commission. Upon Lessor’s reasonably request,
Lessee will furnish Lessor with additional financial information of TLCC and Lessee, subject to Lessor’s agreement not to
disclose such financial information or trade in the stock of TLCC prior to the time such financial information becomes publicly
available.

 

5.          OWNERSHIP. The parties agree
that this Lease Agreement creates a lease of personal property, rather than a security interest, within the meaning of California
Uniform Commercial Code Section 1203, and that the Initial Term is less than the remaining economic life of the Leased Equipment.
No title or right in the Leased Equipment shall pass to Lessee except the rights herein expressly granted. Plates or other markings
may be affixed to or placed on the Leased Equipment by Lessor or at Lessor’s reasonable request, by Lessee at Lessee’s
expense, indicating the Lessor is the owner thereof, and Lessee will not remove the same. Upon the termination of the Initial Term,
except as provided in paragraph 6 below, Lessee will immediately crate, insure, and ship the Leased Equipment and operating manuals
to whatever destination Lessor shall direct, all at Lessee’s expense, in as good condition as received less normal wear and
tear, said destination to be confirmed by Lessee prior to shipment. Lessee agrees to pay Lessor monthly rent at the rate specified
for the Term for any month or part thereof from the end of the Term until the Leased Equipment is shipped by Lessee. Said Leased
Equipment shall always remain and be deemed personal property even though attached to realty. Lessee shall maintain each unit of
Leased Equipment so that it may be removed from the building in which it is placed without material damage to the building. All
replacements, accessories, or capital improvements made to or placed in or upon said Leased Equipment shall become component parts
thereof and title thereto shall immediately vest in Lessor and shall be included under the terms hereof. Lessee agrees that Lessor
is authorized, at its option, to file financing statements or amendments thereto without the signature of Lessee with respect to
any or all of the Leased Equipment and, if a signature is required by law, then Lessee appoints Lessor as Lessee’s attorney-in-fact
for the purpose of executing any such financing statements and further agrees to pay the Lessor a reasonable documentation fee
to cover the expense of making such filing(s). Lessee further agrees to itself execute such documents and take such action, as
Lessor may reasonably request to protect Lessor and Lessor’s lenders and carve out the interest from any owner or encumbrancer
of the real property on which the Leased Equipment shall be installed or located, waiving any claim of interest in the Leased Equipment
and consenting to its removal upon the expiration or sooner termination of this Lease Agreement.

 

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If Lessee rents the Equipment Location specified
above, Lessee shall obtain a signed waiver from Lessee’s landlord (and, if applicable, from such landlord’s mortgagee)
in favor of Lessor substantially in the form attached hereto as Addendum III.

 

If Lessee has one or more secured lenders,
Lessee will, upon the request of Lessor, provide Lessor with a release of collateral relating to the Leased Equipment executed
by each such secured lender and file appropriate UCC financing statement amendments to delete the Leased Equipment from the financing
statements filed by each such secured lender.

 

6.          EXPIRATION OF LEASE; PURCHASE OPTION.
At the expiration of the Initial Term, Lessee shall provide at least sixty (60) days prior written notice to Lessor of Lessee’s
intent to either (a) purchase the Leased Equipment pursuant to the purchase option set forth herein, (b) extend the Lease Agreement
for a specified period of time, which shall not be less than one year, at a monthly rental rate determined by the Lessor (in its
sole discretion) to be the fair market value rental rate for the Leased Equipment at such time; or (c) return the Leased Equipment
to the Lessor pursuant to Paragraph 5 above. In the event that notice is not given at least sixty (60) days prior to the expiration
of the Initial Term or any renewal or extension then in effect, then this Lease Agreement shall continue as a hold-over on a month-to
month basis, and Lessee shall continue to pay the monthly rent then required hereunder, until Lessee thereafter meets the sixty
(60) day prior written notice requirement. Nothing herein shall be deemed or construed as a waiver of Lessor’s rights and
remedies upon the expiration or termination of the Initial Term.

 

Provided that Lessee has complied in all material
respects with all the terms and conditions of this Lease Agreement, no default is continuing hereunder, and has paid in full all
amounts due under this Lease Agreement, including all lease payments and applicable taxes, then Lessee shall have the option to
purchase the Leased Equipment upon the expiration of the Initial Term or upon the expiration of any renewal or extension as provided
herein. Upon the proper exercise of this purchase option, including timely notice under this Paragraph 6, Lessee may purchase all
of the Leased Equipment for an amount equal to fifteen percent (15%) of the Leased Equipment’s $2,750,000 initial purchase
price by Lessor from Lessee pursuant to that certain Bill of Sale of equal date herewith, plus any applicable taxes, provided that
Lessor receives payment in full on or before the last day of the applicable term. Upon any such exercise of this purchase option
and payment in full, title to the Leased Equipment shall be transferred to Lessee free and clear of all liens, security interests
and other encumbrances created by Lessor and this Lease Agreement shall then terminate.

 

7.          ASSIGNMENT. Lessor may assign this
Lease Agreement, and any such assignee(s) may further assign this Lease Agreement, without notice to or consent of the Lessee.
Any such assignee shall succeed to all rights of the Lessor hereunder, and such assignee’s rights shall be free from all
defenses, set-offs or counter-claims of any kind which Lessee may be entitled to assert against Lessor other than for Lessee’s
right to use and possession of the Leased Equipment. Lessee hereby waives the right to assert any such defense, set-off or counter-claim
against any such assignees, it being understood that such assignees shall assume the obligations of the Lessor named herein. By
the foregoing waiver, Lessee does not waive the right to any defense, set-off, or counterclaim in may have against Lessor in the
event Lessor assigns this Lease pursuant to this provision.

 

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LESSEE SHALL NOT ASSIGN, MORTGAGE OR HYPOTHECATE
THIS LEASE OR ANY INTEREST HEREIN, WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR AND ANY SUCH TRANSFER OR ASSIGNMENT WITHOUT SUCH
CONSENT WILL BE VOID. TITLE TO THE LEASED EQUIPMENT SUBJECT TO THIS LEASE IS RETAINED BY THE LESSOR AND LESSEE COVENANTS THAT IT
WILL NOT PLEDGE OR ENCUMBER THE EQUIPMENT IN ANY MATTER WHATSOEVER, NOR PERMIT ANY LIENS, CHARGES, OR ENCUMBRANCES TO ATTACH THERETO.

 

The provisions of this Lease Agreement apply
to and bind the heirs, executors, administration, successors and permitted assigns of the respective parties hereto.

 

8.          INSURANCE. Lessee assumes the entire
risk of loss or damages to the Leased Equipment, whether or not covered by insurance, and no such loss shall relieve Lessee of
its obligations hereunder. Lessee agrees to keep the Leased Equipment insured and to provide proof of insurance to Lessor in the
Leased Equipment; to protect all interests of Lessor, at Lessee’s expense, against all risks of loss or damage from any cause
whatsoever for not less than the unpaid balance of the lease rentals due hereunder or eighty percent (80%) of the then current
value of said Leased Equipment, whichever is higher, and to purchase insurance in the amounts set forth in the attached Lessor’s
Insurance Requirements. During the Term of this Lease Agreement, Lessor and Lessor’s lenders shall be named as an additional
insured in all such insurance policies providing and as a loss payee as its interests may arise in the policies insuring the Leased
Equipment. Each policy shall expressly provide that said insurance as to Lessor and its assigns shall not be invalidated by any
acts, omissions or neglect of Lessee and cannot be canceled without thirty (30) days prior written notice to Lessor. As to each
policy, Lessee shall furnish Lessor a Certificate of Insurance and copy of policy from the insurer reflecting the coverage required
by this paragraph on or before the Lease Date. The proceeds of such insurance whether resulting from loss or damage or return of
premium or otherwise, shall be applied toward the replacement or repair of the Leased Equipment or the payment of Lessee’s
attorney-in-fact to make claim for, receive payment of and execute or endorse all documents, checks or drafts for loss or damage
or return premium under any insurance policy issued the Leased Equipment. If Lessee fails to maintain the insurance required by
this paragraph, Lessor may, but it is not obligated to, obtain insurance in such forms and amounts as it deems reasonable to protect
its interests and Lessee agrees to reimburse Lessor for all such costs together with interest at the rate provided herein upon
demand.

 

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9.          INDEMNITY. Lessee shall, at its sole
cost and expense, indemnify, hold harmless and defend Lessor and its agents, employees, officers and directors from and against
any and all claims, actions, suits, proceedings, costs, expenses, damages and liabilities, including attorney’s fees, arising
out of, connected with, resulting from or relating to the Leased Equipment or the condition, delivery, leasing, location, maintenance,
manufacture, operation, ownership, possession, purchase, repair, repossession, return, sale, selection, service or use thereof,
including without limitation (a) claims involving latent or other defects (whether or not discoverable by Lessee or Lessor),
(b) claims for trademark patent or copyright infringement, and (c) claims for injury or death to persons or damage to
property or loss of business or anticipatory profits, whether resulting from acts or omissions, including negligence, of Lessee
or Lessor or otherwise. Lessee shall give Lessor prompt written notice of any claims or liability covered by this paragraph. The
indemnities under this paragraph shall survive the satisfaction of all other obligations of Lessee herein and the termination of
this Lease Agreement.

 

10.         TAXES AND FEES. Lessee agrees to
use, operate and maintain the Leased Equipment in accordance with all laws in all material respects; to pay all licensing and registration
fees for the Leased Equipment; to keep the same free of levies, liens and encumbrances; to show the Leased Equipment as “leased
equipment” on Lessee’s personal property tax returns; to pay all personal property taxes assessed against equipment,
which sum Lessee shall remit to the taxing authority; to pay all other federal, state and local taxes, assessments, fees and penalties
which may be levied or assessed on or in respect to the Leased Equipment or its use or any interest therein, or rental payments
thereon including but not limited to all sales and use taxes, however designated, levied or assessed upon the Lessee and Lessor
or either of them or said equipment, or upon the sale, ownership, use or operation thereof (other than those measured by Lessor’s
net income). Lessor may pay such taxes and other amounts and may file such returns on behalf of Lessee if Lessee fails to do so
as provided herein. Lessee agrees to reimburse Lessor for reasonable costs incurred in collecting any charges, taxes, assessments
or fees for which Lessee is liable hereunder.

 

11.         ADVANCES. All advances made and
costs reasonably incurred by Lessor to preserve the Leased Equipment or to discharge and pay any taxes, assessments, fees, penalties,
liens or encumbrances thereon or to insure the Leased Equipment shall be added to the unpaid balance of rentals due hereunder and
shall be repayable by Lessee to Lessor immediately together with interest thereon at the rate of one and six tenths (1.6%) percent
per month (or, if lower, the highest rate then allowed by law) until paid.

 

12.         DEFAULT. Lessee shall be in default
hereunder upon the occurrence of any of the following events (each a “Default”): (a) failure of
Lessee to pay any rental payment or other amount required hereunder when due; (b) failure of Lessee to perform any other obligation
hereunder or observe any other term or provision hereunder; (c) any representation or warranty made to Lessor by Lessee or by any
Guarantor proves to have been false in any material respect when made; (d) levy, seizure or attachment or other involuntary transfer
of the Leased Equipment; (e) a filing by or against Lessee under the provisions of any federal or state bankruptcy or insolvency
law or Lessee otherwise becomes subject to the provisions of such law, or assignment for benefit of creditors or bulk transfer
of assets by, or cessation of business, termination of existence, death or dissolution of, Lessee or any Guarantor; or (f) the
receipt by Lessor of a written notice from the landlord of the Equipment Location that (i) Lessee has vacated or abandoned the
Equipment Location, or (ii) any default by Lessee under its real property lease with such landlord has occurred and such landlord
intends to retake possession of the Equipment Location. As used herein, the term “Guarantor” shall include
any guarantor of this Lease Agreement and any owner of any property given as security for Lessee’s obligations hereunder.

 

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13.         REMEDIES. If a Default hereunder
is continuing, Lessor may exercise any one or more of the following remedies without demand or notice to Lessee and without terminating
or otherwise affecting Lessee’s obligations hereunder; (i) accelerate the obligation of Lessee hereunder and, in such event,
shall be entitled to recover the sum of (a) delinquent lease payments with interest thereon at the legal rate, (b) the lease payments
that will become due in the future discounted to present value as of the date of entry of judgment at a rate equal to 80% of the
New York Prime Rate as published from time to time in the Wall Street Journal as of that date, and (c) the anticipated residual
value of the Leased Equipment; (ii) require Lessee to assemble the Leased Equipment and make it available to Lessor at a place
designated by Lessor, in its sole discretion; (iii) take and hold possession of the Leased Equipment from any premise where the
same may be located without liability to Lessee for any damage caused thereby; (iv) sell or lease the Leased Equipment or any part
thereof at public or private sale for cash, on credit or otherwise with or without representations or warranties, and upon such
commercially reasonable terms as shall be acceptable to Lessor; (v) use and occupy the Equipment Location for the purpose of taking,
holding, reconditioning, displaying, selling or leasing the Leased Equipment, without cost to Lessor or liability to Lessee; and
(vi) demand, sue for and recover from Lessee all sums due hereunder. Lessee shall be entitled to credit for net proceeds received
by Lessor upon sale or reletting of the Leased Equipment, if any, discounted to present value. Lessee shall also be liable for
all costs incurred by Lessor in retaking, protecting, and disposing of the Leased Equipment, including reasonable legal fees and
costs.

 

14.         LATE CHARGE. In the event a rent
payment or personal property tax payment is not made when due hereunder, the Lessee promises to pay (1) a late charge to the Lessor
or its assigns not later than one month thereafter, in an amount calculated at the rate of five cents per one ($1.00) dollar of
each such delayed payment. The late charge and/or the interest payment set forth in this contract shall apply only when permitted
by law and, if not permitted by law, the late charges and/or interest payments shall be calculated at the maximum rate permissible
by law.

 

15.         OMISSION. The omission by the Lessor
at any time to enforce any default or right reserved to it, or to require performance of any of the terms, covenants or provisions
hereof or the Lessee at any time designated, shall not be a waiver of any such default or right to which the Lessor is entitled,
nor shall it in any way affect the right of the Lessor to enforce such provisions thereafter. The Lessor may exercise all remedies
simultaneously, pursuant to the terms hereof and such action shall not operate to release the Lessee until the full arrival of
the rentals due and to become due and all other sums to be paid hereunder have been paid.

 

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16.          AGREEMENT TO PAY NUTRICAP NOTE.
In connection with Lessor’s acquisition from Lessee of the Leased Equipment on the date hereof, Lessor irrevocably agreed
to make all payments as and when due to Nutricap Labs, LLC (“Nutricap”) by, and on behalf of, Lessor’s sister
company NutraScience Labs, Inc. (“NSL”) pursuant to that certain Amended & Restated Unsecured Promissory Note of
equal date herewith between NSL and Nutricap (the “Note”). Lessor hereby expressly agrees that if, and only if, (i)
Lessor fails to make any payment to Nutricap when due under the Note (after the expiration of any grace period or cure period including,
without limitation, the fifteen (15) business day periods set forth in Sections 2.01(a) and 2.01(b) of the Note), (ii) NSL or its
immediate parent company Twinlab Consolidation Corporation (“TCC”), by virtue of TCC’s guaranty of the Note,
is required to and does make such payment to Nutricap, and (iii) if such payments by NSL or TCC exceed the total combined amount
of unamortized principal offset and cash reimbursement called for by Section 16 of the Commercial Lease Agreement of equal date
herewith between Lessor and Lessee for equipment with an original purchase price of $2,750,000 (the “$2.75MM Lease”),
then with respect only to the amount of such excess (x) the remaining monthly rental installments hereunder shall be adjusted by
reducing the unamortized principal balance under this Lease on a dollar-for-dollar basis by the amount of such payments, and (y)
the “initial purchase price” shall be likewise reduced for purposes of the 15% repurchase option under Section 6 of
this Lease Agreement. In the event that the amounts of such excess paid by NSL or TCC under the Note (upon a failure by Lessor
to pay such amounts) exceed the unamortized principal balance remaining hereunder at such time, then Lessor shall be liable to
Lessee for the full amount of such excess, such cash payments not to exceed the lesser of (a) the total amount of payments made
by Lessee to Lessor pursuant to this Lease, and (b) an amount that when added to the amount of any reduction of unamortized principal
pursuant to this provision equals $150,000. It is expressly agreed that the remedies available to the Lessee pursuant to Section
16 of the $2.75MM Lease, must be fully-exhausted before Lessee shall be entitled to the remedies provided for in Section 16 hereof.

 

17.         NOTICES. Any notice or other communication
to be given hereunder shall be in writing and shall be (as elected by the party giving such notice): (i) personally delivered;
(ii) transmitted by postage prepaid registered or certified mail, return receipt requested; (iii) deposited prepaid with a nationally
recognized overnight courier service; or (iv) transmitted by electronic mail via the Internet (with a copy of such transmission
delivered promptly thereafter by registered or certified mail or courier). Unless otherwise provided herein, all notices shall
be deemed to be effective on: (a) if delivered personally or by courier, the date of receipt (or if delivery is refused, the date
of such refusal); (b) if by electronic mail, the date transmitted to the appropriate electronic mail address and an appropriate
return receipt or telephone confirmation is received; or (c) if transmitted by registered or certified mail, three (3) days after
the date of posting. Any notice shall refer to this Agreement, including the specific paragraph under which notice is being given.
Notice hereunder shall be directed to a party at the address for such party set forth on this first page of this Lease Agreement
or to such other address or to such other person as either party shall have last designated by such notice to the other party hereto.

 

18.         GOVERNING LAW, VENUE, and JURY WAIVER.
This Agreement shall be governed and interpreted in accordance with the laws of the state of Lessor’s principal office which
is the State of California and any suit hereon shall be brought in the county of such office. To the extent permitted by law, the
parties waive their right to a jury trial.

 

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19.         INTEGRATION. It is specifically
understood and agreed that all understandings and agreements heretofore made between the parties hereto relative to this Lease
are merged in this Lease Agreement (including its addenda and schedules), which contains the entire agreement and understanding
of the parties hereto, and neither party relies upon any other statement or representation, except for the credit application
and financial statements of Lessee and any Guarantor provided in connection herewith. This Lease Agreement may not be modified
or canceled except by an instrument in writing signed by the Lessee and a corporate officer of the Lessor.

 

20.         COUNTERPARTS. This Lease Agreement
(and any amendment hereto or any other document delivered pursuant hereto) may be executed in one or more counterparts and, at
such time as each party has signed and delivered at least one such counterpart to the other parties hereto, each counterpart shall
be deemed an original and, taken together, the counterparts shall constitute one and the same agreement. The transmission of a
counterpart signed with an electronic signature and the transmission of a facsimile, including in portable document format (PDF),
of any original signed counterpart by electronic mail shall both be treated for all purposes as the delivery of an original signed
counterpart.

 

21.         LEGAL REPRESENTATION AND CONSTRUCTION.
Each party hereto has been represented by legal counsel in connection with the negotiation and drafting of this Lease Agreement
and any related documents. The parties acknowledge that each party and its counsel have reviewed and revised this Lease Agreement
and related documents, and that the normal rule of construction to the effect that any ambiguities are to be resolved against the
drafting party shall not be employed in the interpretation of this Agreement or any related documents. As used in this Agreement,
the terms “includes” or “including” shall mean “including, without limitation.” Wherever the
context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and
the singular form of nouns or pronouns shall include the plural and vice versa. Time is of the essence of this Lease Agreement.

 

This Lease is not effective nor accepted until
signed by an officer of Lessor, which is the last act necessary for the effectiveness of this Lease.

 

(signatures on following page)

 

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IN WITNESS WHEREOF, each of the parties
has caused this Lease Agreement to be executed by its duly authorized officers.

 

	LESSEE: TWINLAB CORPORATION	 	 	 
	 	 	 	 	 
	By:	/s/ Thomas A. Tolworthy	 	Title: Chief Executive Officer 	 
	Date: 	6/30/15   	 	 	 
	 	 	 	 	 
	By:	/s/ Mark Jaggi	 	Title: Chief Financial Officer 	 
	Date:	6/30/15	 	 	 

 

	Witness: 	 	 	 	 

 

	Accepted by LESSOR:  ESSEX CAPITAL CORPORATION	 

 

	By:	/s/ Ralph T. Iannelli	 	Title: 	President
	Date: 	6/30/15	 	 	 

 

[Signature Page to Commercial Lease Agreement]

 

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Addendum I

Schedule of Leased Equipment

 

Schedule A attached hereto is incorporated herein by this reference.

 

[Signature Page Follows]

 

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LESSEE: TWINLAB CORPORATION

 

	By: 	/s/ Thomas A. Tolworthy	 
	Title:	Chief Executive Officer  	 
	Date:	6/30/15	 
	 	 	 
	By: 	/s/ Mark Jaggi	 
	Title: 	Chief Financial Officer	 
	Date: 	6/30/15	 

 

LESSOR:        ESSEX
CAPITAL CORPORATION

 

	By: 	/s/ Ralph T. Iannelli	 
	Title: 	President	 
	Date: 	6/30/15	 

 

[Signature Page to Schedule of Leased Equipment]

 

    	12Exhibit 10.79

 

WARRANT

 

THE SECURITY EVIDENCED HEREBY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES
LAW, AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION OR AN EXEMPTION THEREFROM
UNDER THE ACT OR ANY APPLICABLE STATE SECURITIES LAWS. AS A CONDITION TO SALE OR OTHER TRANSFER OF THE SECURITY, THE COMPANY MAY,
AT ITS OPTION, REQUIRE THE PROPOSED TRANSFEROR HEREOF TO DELIVER TO THE COMPANY AN OPINION OF COUNSEL, WHICH OPINION AND WHICH
COUNSEL SHALL BE SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH REGISTRATION OR QUALIFICATION IS NOT REQUIRED FOR SUCH PROPOSED
SALE OR OTHER TRANSFER.

 

To Purchase 1,428,571 Shares of Common Stock
($0.001 par value)

 

Warrant Number: 2015-24

 

TWINLAB CONSOLIDATED HOLDINGS, INC.

 

Incorporated Under the Laws of Nevada

 

Warrant

 

1. Basic Terms.
This certifies that, for value received, the Registered Owner (the “Registered Owner”) is entitled, subject to the
terms and conditions of this Warrant, at any time and from time to time during the period set forth in Paragraph 3 below, in whole
or in part, to purchase shares of the common stock, par value $0.001 per share (the “Common Stock”), of Twinlab Consolidated
Holdings, Inc. (“TCH” or the “Company”) from the Company at the purchase price set forth in Paragraph 2
below, on delivery of this Warrant to the Company with the exercise form duly executed and payment of the purchase price (as further
described in Paragraph 6 below) for each share purchased.

 

Registered Owner: Essex Capital Corporation,
a California corporation

 

2. Purchase Price.
The purchase price per share shall be $0.77.

 

3. When Exercisable.
This Warrant shall be exercisable at any time from and after the date hereof and shall expire at 5:00 p.m., New York Time,
June 30, 2020 (the “Expiration Date”) unless terminated sooner under Paragraph 16 of this Warrant. This Warrant shall
expire, become void, and be of no further force or effect after the Expiration Date.

 

4. Company’s Covenants
as to Common Stock. Shares of the Common Stock deliverable on the exercise of this Warrant shall, at delivery, be fully paid
and non-assessable, and free from taxes, liens, and charges with respect to their purchase. The Company shall take any necessary
steps to assure that the par value per share of the Common Stock issuable hereunder is at all times equal to or less than the then
current purchase price per share of the Common Stock issuable pursuant to this Warrant. The Company shall at all times reserve
and hold available sufficient shares of Common Stock to satisfy all conversion and purchase rights of all outstanding convertible
securities, options, and warrants, including, without limitation, this Warrant.

 

    	 

    	 

    

  

5. Method of Exercise.
The purchase rights represented by this Warrant are exercisable at the option of the Registered Owner in whole at any time,
or in part, from time to time, within the period above specified. In case of the exercise of this Warrant for less than all shares
purchasable, the Company shall cancel the Warrant and execute and deliver a new Warrant of like tenor and date for the balance
of the shares purchasable.

 

6. Payment for Shares.

 

(A)       The Registered Owner shall notify the Company
of the number of shares that it desires to purchase and deliver with such notice (i) cash, immediately available funds or a certified
bank check payable to the Company for the purchase price of the shares being purchased or (ii) through a net exercise pursuant
to clause (B) below.

 

(B)       Notwithstanding any provisions herein to
the contrary, if the fair market value of one share of Common Stock is greater than the purchase price (at the date of calculation
as set forth below), in lieu of exercising this Warrant by payment of cash, the Registered Owner may elect to receive shares equal
to the value (as determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the
principal office of the Company together with the properly endorsed notice of exercise in which event the Company shall issue to
the Registered Owner a number of shares of Common Stock computed using the following formula:

 

X = Y (A-B)

A

 

		 Where X =	the number of shares of Common Stock to be issued to
the Registered Owner

 

		     Y =	the number of shares of Common Stock purchasable under
this Warrant or, if only a portion of this Warrant is being exercised, that portion of the Warrant being canceled (at the date
of such calculation)

 

		     A =	the fair market value of one share of Common Stock
(at the date of such calculation)

 

		     B =	the purchase price (as adjusted to the date of such calculation)

 

For purposes of clarity, upon an exercise of this Warrant
(or a portion thereof) pursuant to this Section 6(B), the number of shares purchasable under the Warrant that is represented by
the “Y” designation above, shall be cancelled upon issuance to Registered Owner of Common Stock represented by the
“X” designation above.

 

    	2

    	 

    

  

The fair market value per share shall be determined as follows:

 

(i)            if traded on a securities
exchange, the fair market value shall be the product of (x) the average of the closing prices over a five (5) day period ending
three (3) days before the day the current fair market value of the securities is being determined and (y) the number of shares
of Common Stock issuable pursuant to this Warrant at the time of such exercise;

 

(ii)           if actively traded
over-the-counter, the fair market value shall be the product of (x) the average of the closing bid and asked prices quoted on the
NASDAQ system (or similar system) over the five (5) day period ending three (3) days before the day the current fair market value
of the securities is being determined and (y) the number of shares of Common Stock issuable pursuant to this Warrant at the time
of such exercise; or

 

(iii)          if not listed on
any securities exchange or quoted in the NASDAQ System or the over-the-counter market, the fair market value shall be determined
in good faith by the Company’s Board of Directors.

 

7. Fractional Shares.
The Company shall not be required to issue a fractional share of Common Stock upon exercise of the Warrant. As to any fraction
of a share of Common Stock that the Registered Owner would otherwise be entitled to purchase upon such exercise, the Company shall
pay to such Registered Owner an amount in cash (by delivery of a certified or official bank check or by wire transfer of immediately
available funds) equal to the product of (i) such fraction multiplied by (ii) the fair market value of one share of Common Stock
on the exercise date. The Board of Directors of the Company, acting in good faith, shall determine the fair market value of the
share of Common Stock.

 

8. Taxes. The Company
shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect to, the
issuance or delivery of shares of Common Stock upon exercise of this Warrant; provided, that the Company shall not be required
to pay any tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or delivery
of the shares of Common Stock to any person other than the Registered Owner, and no such issuance or delivery shall be made unless
and until the person requesting such issuance has paid to the Company the amount of any such tax, or has established to the satisfaction
of the Company that such tax has been paid.

 

9. Limited Rights of
Owner. This Warrant does not entitle the Registered Owner to any voting rights or other rights as a shareholder of the Company,
or to any other rights whatsoever except the rights herein expressed. No dividends are payable or will accrue on this Warrant or
the shares purchasable hereunder until, and except to the extent that, this Warrant is exercised.

 

10. Exchange or Other
Denominations. This Warrant is exchangeable, on its surrender by the Registered Owner to the Company, for new Warrants of like
tenor and date representing in the aggregate the right to purchase the number of shares purchasable hereunder in denominations
designated by the Registered Owner at the time of surrender.

 

    	3

    	 

    

  

11. Transfer. Except
as otherwise above provided, this Warrant is transferable only on the books of the Company by the Registered Owner in person or
by attorney, on surrender of this Warrant, properly endorsed.

 

12. Recognition of Registered
Owner. Prior to due presentment for registration of transfer of this Warrant, the Company may treat the Registered Owner as
the person exclusively entitled to receive notices and otherwise to exercise rights hereunder.

 

13. Effect of Stock
Split, etc. If the Company, by stock split, stock dividend, reverse split, reclassification of shares, or otherwise, changes
as a whole the outstanding Common Stock into a different number or class of shares, then: (1) the number and/or class of shares
as so changed shall, for the purposes of this Warrant, replace the shares outstanding immediately prior to the change; and (2)
the purchase price in effect, and the number of shares purchasable under this Warrant, immediately prior to the date upon which
the change becomes effective, shall be proportionately adjusted (the price to the nearest cent). Irrespective of any adjustment
or change in the purchase price or the number of shares purchasable under this or any other Warrant of like tenor, the Warrants
therefore and thereafter issued may continue to express the purchase price per share and the number of shares purchasable as the
Warrant purchase price per share and the number of share purchasable were expressed in the Warrant when initially issued.

 

14. Effect of Merger,
etc. If the Company consolidates with or merges into another corporation, in each case which entitles the holders of Common
Stock to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for
Common Stock, the Registered Owner shall thereafter be entitled, upon exercise of this Warrant, to purchase, with respect to each
share of Common Stock purchasable hereunder immediately before the consolidation or merger becomes effective, the securities or
other consideration to which the Registered Owner is entitled in the consolidation or merger without any change in or payment in
addition to the Warrant purchase price in effect immediately prior to the merger or consolidation. The Company shall take any necessary
steps in connection with a consolidation or merger to assure that all the provisions of this Warrant shall thereafter be applicable,
as nearly as reasonably may be, to any securities or other consideration so deliverable on exercise of this Warrant. 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 Registered Owner at the address of such owner on
the books of the Company. 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.

 

15. Notice of Adjustment.
On the happening of an event requiring an adjustment of the purchase price or the shares purchasable hereunder, the Company
shall forthwith give written notice to the Registered Owner stating the adjusted purchase price and the adjusted number and kind
of securities or other property purchasable hereunder resulting from the event and setting forth reasonable detail of the method
of calculation and the facts upon which the calculation is based. The Board of Directors of the Company, acting in good faith,
shall determine the calculation.

 

    	4

    	 

    

  

16. Notice and Effect
of Dissolution, etc. In case a voluntary or involuntary dissolution, liquidation, or winding up of the Company (other than
a connection with a consolidation or merger covered by Paragraph 14 above) is at any time proposed, the Company shall give at least
30 days’ prior written notice to the Registered Owner. 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 Registered
Owner 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 made to the Registered Owner 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.

 

17. Compliance with
the Securities Act. 

 

(A)          Agreement
to Comply with the Securities Act; Legend. The Registered Owner, by acceptance of this Warrant, agrees to comply in all respects
with the provisions of this Paragraph 17 and the restrictive legend requirements set forth on the face of this Warrant and further
agrees that such Registered Owner shall not offer, sell or otherwise dispose of this Warrant or any shares of Common Stock to
be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act of 1933, as
amended (the "Securities Act"). This Warrant and all shares of Common Stock issued
upon exercise of this Warrant (unless registered under the Securities Act) shall be stamped or imprinted with a legend in substantially
the following form:

 

"THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR QUALIFIED
UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED
OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SHARES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE
STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT
AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE CORPORATION REQUESTS, AN OPINION SATISFACTORY
TO THE CORPORATION TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL. IT IS AGREED THAT THE COMPANY WILL NOT REQUIRE OPINIONS OF COUNSEL
FOR TRANSACTIONS MADE PURSUANT TO RULE 144, EXCEPT IN UNUSUAL CIRCUMSTANCES."

 

In addition, if the Registered Owner is an Affiliate
(as defined in the Securities Act) of the Company, certificates evidencing the shares of Common Stock issued to the Registered
Owner shall bear a customary “affiliates” legend.

 

(B)         Representations of the Registered Owner.
In connection with the issuance of this Warrant, the Registered Owner specifically represents, as of the date hereof, to the Company
by acceptance of this Warrant as follows:

 

    	5

    	 

    

  

(i)           The Registered Owner is an "accredited
investor" as defined in Rule 501 of Regulation D promulgated under the Securities Act. The Registered Owner is acquiring this
Warrant and the shares of Common Stock to be issued upon exercise hereof for investment for its own account and not with a view
towards, or for resale in connection with, the public sale or distribution of this Warrant or the shares of Common Stock, except
pursuant to sales registered or exempted under the Securities Act.

 

(ii)          The Registered Owner understands and
acknowledges that this Warrant and the shares of Common Stock to be issued upon exercise hereof are "restricted securities"
under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public
offering and that, under such laws and applicable regulations, such securities may be resold without registration under the Securities
Act only in certain limited circumstances. In addition, the Registered Owner represents that it is familiar with Rule 144 under
the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.

 

(iii)         The Registered Owner acknowledges that
it can bear the economic and financial risk of its investment for an indefinite period, and has such knowledge and experience in
financial or business matters that it is capable of evaluating the merits and risks of the investment in the Warrant and the shares
of Common Stock. The Registered Owner has had an opportunity to ask questions and receive answers from the Company regarding the
terms and conditions of the offering of the Warrant and the business, properties, prospects and financial condition of the Company.

 

18. Registration Rights.

 

(A)           At any time at which this Warrant remains
outstanding, upon the request of the Registered Owner, the Company will enter into a registration rights agreement with Registered
Owner (the "Rights Agreement"). Such Rights Agreement shall provide that beginning on the later of January 1,
2016 or the date upon which this Warrant becomes exercisable pursuant to Section 3 hereof, if the Company is eligible for the use
of a registration statement on Form S-3, then the Registered Owner 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 (the “Commission”), registration of its Common Stock 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 shares of Common Stock 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 Securities Exchange Act of 1934, as amended.

 

    	6

    	 

    

  

(B)           The rights to cause the Company to register
shares of Common Stock pursuant hereto may be assigned (but only with all related obligations) by the Registered Owner 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, and
(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.

 

19. Warrant Register.
The Company shall keep and properly maintain at its principal executive offices books for the registration of the Warrant and any
transfers thereof. The Company may deem and treat the Person in whose name the Warrant is registered on such register as the Registered
Owner thereof for all purposes, and the Company shall not be affected by any notice to the contrary, except any assignment, division,
combination or other transfer of the Warrant effected in accordance with the provisions of this Warrant.

 

20. Notices. All
notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent
by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (with confirmation
of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business
hours of the recipient; or (d) on the fifth day after the date mailed, by certified or registered mail, return receipt requested,
postage prepaid. Such communications must be sent to the respective parties at the addresses indicated below (or at such other
address for a party as shall be specified in a notice given in accordance with this Paragraph 21).

 

	If to the Company:	Twinlab Consolidated Holdings, Inc.

632 Broadway, Suite 201

New York, NY 10012

E-mail: RNeuwirth@twinlab.com

Attention: General Counsel 
	 	 
	with a copy to (which shall not constitute notice to the Company):	Wilk Auslander LLP

1515 Broadway

New York, NY 10036

E-mail: jfrank@wilkauslander.com

Attention: Joel I. Frank, Esq.

 

    	7

    	 

    

  

	If to the Registered Owner:	Essex Capital Corporation

1486 East Valley Road 

 Santa Barbara, CA 93108

E-mail: ralph@essexcapitalcorp.com

Attention: Ralph T. Iannelli
	 	 
	with a copy to (which shall not constitute notice to the Registered Owner):	Seed Mackall, LLP

1332 Anacapa Street, Suite 200

Santa Barbara, California 93101

E-mail:  THARDING@seedmackall.com

Attention: Tom Harding, Esq.

 

21. Equitable Relief.
Each of the Company and the Registered Owner acknowledges that a breach or threatened breach by such party of any of its obligations
under this Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would not be an adequate
remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, the other
party hereto shall, in addition to any and all other rights and remedies that may be available to it in respect of such breach,
be entitled to equitable relief, including a restraining order, an injunction, specific performance and any other relief that may
be available from a court of competent jurisdiction.

 

22. Entire Agreement.
This Warrant together with the Bill of Sale of even date herewith between the parties, constitutes the sole and entire agreement
of the parties to this Warrant with respect to the subject matter contained herein, and supersedes all prior and contemporaneous
understandings and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between
the statements in the body of this Warrant and the Registration Rights Agreement, the statements in the body of this Warrant shall
control.

 

23. Successor and Assigns.
This Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the parties hereto and the
successors of the Company and the successors of the Registered Owner. Such successors of the Registered Owner shall be deemed to
be a Registered Owner for all purposes hereunder. This Warrant (i) may not be assigned by the Registered Owner until this Warrant
has become exercisable pursuant to Section 3 of this Warrant and (ii) thereafter may only be assigned with the mutual consent of
the Registered Owner and the Company in writing.

 

24. No Third-Party Beneficiaries.
This Warrant is for the sole benefit of the Company and the Registered Owner and their respective successors and, in the case of
the Registered Owner, 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.

 

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

 

    	8

    	 

    

  

26. Amendment and Modification;
Waiver. Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented by an agreement in
writing signed by each party hereto. No waiver by the Company or the Registered Owner of any of the provisions hereof shall be
effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be
construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of
a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising,
any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege.

 

27. Severability.
If any term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term
or provision in any other jurisdiction.

 

28. Governing Law.
This Warrant shall be governed by and construed in accordance with the internal laws of the State of Nevada without giving effect
to any choice or conflict of law provision or rule (whether of the State of Nevada or any other jurisdiction) that would cause
the application of laws of any jurisdiction other than those of the State of Nevada.

 

29. Submission to Jurisdiction.
Any legal suit, action or proceeding arising out of or based upon this Warrant or the transactions contemplated hereby may be instituted
in the federal courts of the United States of America or the courts of the State of New York in each case located in the city of
New York and County of New York, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit,
action or proceeding. Service of process, summons, notice or other document by certified or registered mail to such party's address
set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court. The
parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such
courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum.

 

30. Waiver of Jury Trial.
Each party acknowledges and agrees that any controversy which may arise under this Warrant is likely to involve complicated and
difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury
in respect of any legal action arising out of or relating to this Warrant or the transactions contemplated hereby.

 

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

 

32. No Strict Construction.
This Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation against the
party drafting an instrument or causing any instrument to be drafted.

 

    	9

    	 

    

  

[SIGNATURE PAGE TO FOLLOW]

 

    	10

    	 

    

  

IN WITNESS WHEREOF, the Company has caused
this Warrant to be signed and delivered by a duly authorized representative as of the 30th day of June, 2015.

 

	 	TWINLAB CONSOLIDATED HOLDINGS, INC. 
	 	 	 
	 	By:	/s/ Thomas A. Tolworthy
	 	 	Thomas A. Tolworthy
	 	 	President and Chief Executive Officer

 

ACCEPTED AND AGREED TO AS OF THE DATE SET FORTH ABOVE:

 

ESSEX CAPITAL CORPORATION

 

	By:	/s/ Ralph T. Iannelli	 
	 	Ralph T. Iannelli	 
	 	Chief Executive Officer	 

 

    	11

    	 

    

 

Exercise Form

 

(To be executed by the Registered Owner to purchase

 

Common Stock pursuant to the Warrant)

 

		To:	TWINLAB CONSOLIDATED HOLDINGS, INC.

632 Broadway, Suite 201

New York, NY 10012

 

The undersigned hereby: (1) irrevocably subscribes
for ___________ shares of your Common Stock pursuant to this Warrant, and encloses payment of $ ____________therefor, (2) requests
that a certificate for the shares be issued in the name of the undersigned and delivered to the undersigned at the address below;
and (3) if such number of shares is not all of the shares purchasable hereunder, that a new Warrant of like tenor for the balance
of the remaining shares purchasable hereunder be issued in the name of the undersigned and delivered to the undersigned at the
address below.

 

Date: ______________________

 

	 	 	 
	(Please sign exactly as name appears on Warrant)

 

	Address:	 	 
	 	 	 
	 	 	 

 

	Taxpayer ID No.  	 	 

 

    	12

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