Document:

Exhibit 10.45

 

AMENDMENT NO. 1 TO CREDIT AND SECURITY
AGREEMENT 

AND LIMITED CONSENT

 

THIS
AMENDMENT NO. 1 TO CREDIT AND SECURITY AGREEMENT AND LIMITED CONSENT (this “Amendment”) is made as of this
4th day of February, 2015, by and among TWINLAB CONSOLIDATED HOLDINGS, INC., a Nevada corporation, TWINLAB
CONSOLIDATION CORPORATION, a Delaware corporation, TWINLAB HOLDINGS, INC., a Michigan corporation, ISI BRANDS INC.,
a Michigan corporation, TWINLAB CORPORATION, a Delaware corporation, TCC CM SUBCO I, INC., a Delaware corporation,
and TCC CM SUBCO II, INC., a Delaware corporation (each
of the foregoing Persons being referred to herein individually as a “Borrower”, and collectively as “Borrowers”),
and MIDCAP FUNDING X TRUST, a Delaware statutory trust, as successor-by-assignment from MidCap Financial Trust (as Agent
for Lenders, “Agent”, and individually, as a Lender), and the other financial institutions or other entities
from time to time parties to the Credit Agreement referenced below, each as a Lender.

 

RECITALS

 

A.           Pursuant
to that certain Credit and Security Agreement dated as of January 22, 2015 by and among Borrowers, Agent and Lenders (as amended
hereby and as it may be further amended, modified and restated from time to time, the “Credit Agreement”), Agent
and Lenders agreed to make available to Borrowers a secured revolving credit facility in a principal amount of up to $15,000,000
from time to time (as amended, modified, supplemented, extended and restated from time to time, collectively, the “Loans”).
Capitalized terms used but not otherwise defined in this Amendment shall have the meanings set forth in the Credit Agreement.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the foregoing, the terms and conditions set forth in this Amendment, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Agent, Lenders and Borrowers hereby agree as follows:

 

1.          Recitals.
 This Amendment shall constitute a Financing Document and the Recitals set forth above shall be construed as part of this Amendment
as if set forth fully in the body of this Amendment.

 

2.          Limited
Consent for Name Change of TCC CM Subco I, Inc. and TCC CM Subco II, Inc.  At the request of and as an accommodation to
Borrowers and subject to the strict compliance with the terms, conditions and requirements set forth herein (including, without
limitation, satisfaction of each of the conditions set forth in Section 7 below), Agent and Lenders hereby consent to (i) the name
change of TCC CM Subco I, Inc. to “NutraScience Labs, Inc.” and (ii) the name change of TCC CM Subco II, Inc. to “NutraScience
Labs IP Corporation”, the documentation for which, including, but not limited to, the Articles of Amendment filed with the
Delaware Secretary of State shall be delivered immediately to Agent upon filing. The limited consent set forth in this Section
2 is effective solely for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a)
except as expressly provided herein, be a consent to any amendment, waiver or modification of any term or condition of the Credit
Agreement or of any other Financing Document; (b) prejudice any right that Agent or the Lenders have or may have in the future
under or in connection with the Credit Agreement or any other Financing Document; (c) waive any Event of Default that exists as
of the date hereof; or (d) establish a custom or course of dealing among any of the Credit Parties, on the one hand, or Agent or
any Lender, on the other hand.

 

    	 

    	 

    

 

3.          Amendment
to Credit Agreement. 

 

(a)          Section
1.1 of the Credit Agreement is hereby amended to add the following defined terms in their alphabetical order:

 

“Nutricap
Seller First Note” means the Unsecured Promissory Note in the principal amount of $2,500,000 to be issued by Subco I
to Nutricap Labs, LLC, a New York limited liability company, in connection with the Target 2 Acquisition, the principal and interest
repayment of which shall have a maturity of 60 days and bear interest at 6% per annum, a copy of which shall be provided to the
Agent promptly, and in any case within one business day, of execution.

 

“Nutricap
Seller Second Note” means the Unsecured Promissory Note in the principal amount of $1,478,000 to be issued by Subco I
to Nutricap Labs, LLC, a New York limited liability company, in connection with the Target 2 Acquisition, the principal and interest
repayment of which shall have a maturity of one year, payable in 12 equal monthly installments and bear interest at 3% per annum,
a copy of which shall be provided to the Agent promptly, and in any case within one business day, of execution.

 

“Nutricap
Seller Notes” shall mean, collectively, the Nutricap Seller First Note and Nutricap Seller Second Note.

 

(b)          The
defined term “Permitted Debt” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety
as follows:

 

“Permitted
Debt” means: (a) Borrowers’ and its Subsidiaries’ Debt to Agent and each Lender under this Agreement
and the other Financing Documents; (b) Debt incurred as a result of endorsing negotiable instruments received in the Ordinary
Course of Business; (c) purchase money Debt with respect to equipment, Debt listed on Schedule 5.1, and such other Debt (other
than the Essex Lease) not to exceed $3,000,000 at any time (whether in the form of a loan or a Capital Lease) used solely to acquire
equipment used in the Ordinary Course of Business and secured only by such equipment; (d) Debt existing on the date of this
Agreement and described on Schedule 5.1 and any Refinancing Debt; (e) Debt in the form of insurance premiums financed
through the applicable insurance company; (f) trade accounts payable arising and paid on a timely basis and in the Ordinary
Course of Business; (g) Subordinated Debt, (h) the Essex Lease and (i) the Nutricap Seller Notes.

 

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4.          Confirmation
of Representations and Warranties; Reaffirmation of Security Interest.  Each Borrower hereby (a) confirms that all of the
representations and warranties set forth in the Credit Agreement are true and correct with respect to such Borrower as of the date
hereof, and (b) covenants to perform its respective obligations under the Credit Agreement. Each Borrower confirms and agrees
that all security interests and Liens granted to Agent continue in full force and effect, and all Collateral remains free and clear
of any Liens, other than those granted to Agent and Permitted Liens. Nothing herein is intended to impair or limit the validity,
priority or extent of Agent’s security interests in and Liens on the Collateral. 

 

5.          Enforceability.
 This Amendment constitutes the legal, valid and binding obligation of each Borrower, and is enforceable against each Borrowers
in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws
relating to the enforcement of creditors’ rights generally and by general equitable principles.

 

6. Costs
and Fees. Borrowers shall be responsible for the payment of all reasonable costs and fees of Agent’s counsel incurred
in connection with the preparation of this Amendment and any related documents. If Agent or any Lender uses in-house counsel for
any of these purposes, Borrowers further agree that the Obligations include reasonable charges for such work commensurate with
the fees that would otherwise be charged by outside legal counsel selected by Agent or such Lender for the work performed. Borrowers
hereby authorize Agent to deduct all of such fees set forth in this Section 6 from the proceeds of one or more Revolving Loans
made under the Credit Agreement.

 

7. Conditions
to Effectiveness. This Amendment shall become effective as of the date on which each of the following conditions has been
satisfied (the “Effective Date”):

 

(a)          Borrowers
shall have delivered to Agent this Amendment, duly executed by an authorized officer of each Borrower; 

 

(b)          [Reserved.];

 

(c)          all
representations and warranties of Borrowers contained herein shall be true and correct in all material respects as of the Effective
Date (and such parties’ delivery of their respective signatures hereto shall be deemed to be its certification thereof);

 

(d)          [Reserved.];

 

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(e)          Agent
shall have received from Borrowers of all of the fees owing pursuant to this Amendment and Agent’s reasonable out-of-pocket
legal fees and expenses; and

 

(f)          Borrowers
shall have delivered to Agent a fully executed copy of the Standstill Agreement attached hereto as Exhibit A, duly executed by
an authorized officer of each of the parties thereto, including but not limited to NUTRICAP LABS, LLC, as junior lender.

 

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

 

9.          No
Waiver or Novation. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided
in this Amendment, operate as a waiver of any right, power or remedy of Agent, nor constitute a waiver of any provision of the
Credit Agreement, the Financing Documents or any other documents, instruments and agreements executed or delivered in connection
with any of the foregoing. Nothing herein is intended or shall be construed as a waiver of any existing Defaults or Events of Default
under the Credit Agreement or other Financing Documents or any of Agent’s rights and remedies in respect of such Defaults
or Events of Default. This Amendment (together with any other document executed in connection herewith) is not intended to be,
nor shall it be construed as, a novation of the Credit Agreement.

 

10. Affirmation.
Except as specifically amended pursuant to the terms hereof, the Credit Agreement and all other Financing Documents (and all covenants,
terms, conditions and agreements therein) shall remain in full force and effect, and are hereby ratified and confirmed in all respects
by Borrowers. Each Borrower covenants and agrees to comply with all of the terms, covenants and conditions of the Credit Agreement
(as amended hereby) and the Financing Documents, notwithstanding any prior course of conduct, waivers, releases or other actions
or inactions on Agent’s or any Lender’s part which might otherwise constitute or be construed as a waiver of or amendment
to such terms, covenants and conditions.

 

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11.         [Reserved.]

 

12.         Miscellaneous.

 

(a)          Reference
to the Effect on the Credit Agreement.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement
to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of similar import
shall mean and be a reference to the Credit Agreement, as amended by this Amendment. Except as specifically amended above, the
Credit Agreement, and all other Financing Documents (and all covenants, terms, conditions and agreements therein), shall remain
in full force and effect, and are hereby ratified and confirmed in all respects by Borrowers.

 

(b)          Incorporation
of Credit Agreement Provisions. The provisions contained in Section 11.6 (Indemnification), Section 12.8 (Governing Law; Submission
to Jurisdiction) and Section 12.9 (Waiver of Jury Trial) of the Credit Agreement are incorporated herein by reference to the same
extent as if reproduced herein in their entirety.

 

(c)          Headings.
Section headings in this Amendment are included for convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

 

(d)          Counterparts.
This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. Signatures by facsimile or by electronic mail delivery of an electronic
version (e.g., .pdf or .tif file) of an executed signature page shall be treated as delivery of an original and shall bind
the parties hereto. This Amendment constitutes the entire agreement and understanding among the parties hereto and supersede any
and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

 

[SIGNATURES APPEAR ON FOLLOWING PAGES]

 

    	5

    	 

    

 

(Signature Page to Amendment No. 1
to Credit and Security Agreement 

and Limited Consent)

 

IN WITNESS WHEREOF, intending to
be legally bound, and intending that this document constitute an agreement executed under seal, the undersigned have executed this
Amendment under seal as of the day and year first hereinabove set forth.

 

	AGENT:	MIDCAP
    FUNDING X TRUST, a Delaware statutory trust, as successor-by-assignment from MidCap Financial Trust
	 	 
	 	By:	Apollo
    Capital Management, L.P.,
	 	 	its
    investment manager
	 	 
	 	By:	Apollo
    Capital Management GP, LLC,
	 	its
                                         general partner

	 	 
	 	By:	/s/
Maurice Amsellem	(SEAL)
	 	Name:  Maurice
    Amsellem
	 	Title:    Authorized
    Signatory

 

	LENDER:	MIDCAP FUNDING X TRUST, a Delaware statutory trust, as successor-by-assignment from MidCap Financial Trust
	 	 
	 	By:	Apollo Capital Management, L.P.,
	 	 	its investment manager
	 	 
	 	By:	Apollo Capital Management GP, LLC,
	 	its general partner
	 	 	 	 
	 	By:	/s/
    Maurice Amsellem	(SEAL)
	 	Name:  Maurice Amsellem
	 	Title:    Authorized Signatory

 

    	 

    	 

    

  

(Signature Page to Amendment No. 1
to Credit and Security Agreement 

and Limited Consent)

 

	BORROWERS:	 	 	TWINLAB
CONSOLIDATION
	 	 	 	CORPORATION
	 	 	 	 
	 	 	 	By:	/s/ Thomas A. Tolworthy	(Seal)
	 	 	 	Name: Thomas A. Tolworthy
	 	 	 	Title:   Chief Executive Officer and President 

 

	TWINLAB CONSOLIDATED HOLDINGS, INC.	 	 	TWINLAB HOLDINGS, INC.
	 	 	 
	By:	/s/ Thomas A. Tolworthy	(Seal)	 	By:	/s/ Thomas A. Tolworthy	(Seal)
	Name:  Thomas A. Tolworthy	 	Name:  Thomas A. Tolworthy
	Title:  Chief Executive Officer and President 	 	Title:  Chief Executive Officer and President 

 

	TWINLAB CORPORATION	 	ISI BRANDS INC.
	 	 	 
	By:	/s/ Thomas A. Tolworthy	(Seal)	 	By:	/s/ Thomas A. Tolworthy	(Seal)
	Name:  Thomas A. Tolworthy	 	Name:  Thomas A. Tolworthy
	Title:  Chief Executive Officer and President 	 	Title:  Chief Executive Officer and President 

 

	TCC CM SUBCO I, INC.	 	TCC CM SUBCO II, INC.
	 	 	 	 
	By:	/s/ Thomas A. Tolworthy	(Seal)	 	By:	/s/ Thomas A. Tolworthy	(Seal)
	Name:  Thomas A. Tolworthy	 	Name:  Thomas A. Tolworthy
	Title:  Chief Executive Officer and President 	 	Title:  Chief Executive Officer and PresidentExhibit 10.46

 

FIRST AMENDMENT TO NOTE AND WARRANT PURCHASE
AGREEMENT

AND CONSENT

 

This FIRST AMENDMENT TO
NOTE AND WARRANT AGREEMENT AND CONSENT (this “Amendment”), dated as of February 4, 2015, is made by and between
TWINLAB CONSOLIDATED HOLDINGS, INC., a Nevada corporation (“Parent”), TWINLAB CONSOLIDATION CORPORATION, a Delaware
corporation (“TCC”), TWINLAB HOLDINGS, INC., a Michigan corporation (“Twinlab Holdings”),
ISI BRANDS INC., a Michigan corporation (“ISI Brands”), and TWINLAB CORPORATION, a Delaware corporation (“Twinlab
Corporation”), TCC CM SUBCO I, INC., a Delaware corporation (“Subco I”), TCC CM SUBCO II, INC., a
Delaware corporation (“Subco II”; and together with Parent, TCC, Twinlab Holdings, ISI Brands, Twinlab Corporation
and Subco I, the “Companies” and each individually, a “Company”), and JL-BBNC MEZZ UTAH,
LLC, an Alaska limited liability company (the “Purchaser”).

 

WHEREAS, the Companies
and the Purchaser are parties to a Note and Warrant Purchase Agreement dated as of January 22, 2015 (as the same may be amended,
restated, amended and restated, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”);
and

 

WHEREAS, (a) the Companies
have requested that the Purchaser (i) consent to Subco I’s and Subco II’s name changes and (ii) amend certain provisions
of the Note Purchase Agreement, and (b) the Purchaser has agreed to do so subject to the terms and conditions set forth herein.

 

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

 

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

 

2.     
     Consent to Name Change. At the request of and as an accommodation to the Companies and
subject to the strict compliance with the terms, conditions and requirements set forth herein (including, without limitation,
satisfaction of each of the conditions set forth in Section 7 below), the Purchaser hereby consents to (i) the name change of
Subco I to “NutraScience Labs, Inc.” and (ii) the name change of Subco II to “NutraScience Labs IP
Corporation”, the documentation for which, including, but not limited to, the Articles of Amendment filed with the
Delaware Secretary of State shall be delivered immediately to the Purchaser upon filing. The limited consent set forth in
this Section 2 is effective solely for the purposes set forth herein and shall be limited precisely as written and shall not
be deemed to (a) except as expressly provided herein, be a consent to any amendment, waiver or modification of any term or
condition of the Note Purchase Agreement or of any other Transaction Document; (b) prejudice any right that the Purchaser
have or may have in the future under or in connection with the Note Purchase Agreement or any other Transaction Document; (c)
waive any Event of Default that exists as of the date hereof; or (d) establish a custom or course of dealing among any of the
Companies, on the one hand, or the Purchaser on the other hand.

 

3.        
  Amendments to Note Purchase Agreement. Subject to the satisfaction of the conditions precedent set forth
herein and in reliance on the representations, warranties and covenants of the Companies set forth herein and in the Note
Purchase Agreement, each party hereto hereby agrees that the Note Purchase Agreement be, and it hereby is, amended as
follows:

 

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

 

    	1

    	 

    

 

“Warrant”
means the Warrant(s) to be issued by the Parent to the Purchaser at the Closing as set forth in Section 2.1(a)(ii) and the First
Amendment Warrant.

 

3.2.         Addition
of New Defined Terms. Section 1 of the Note Purchase Agreement is hereby amended by inserting the following new defined terms
in the appropriate alphabetical order:

 

“First
Amendment” means that certain First Amendment to Note and Warrant Purchase Agreement and Consent dated as of the First
Amendment Date, between the Purchaser and the Companies.

 

“First
Amendment Date” means February 4, 2015.

 

“First
Amendment Warrant” has the meaning set forth in Section 4 of the First Amendment.

 

“Nutricap
Seller First Note” means the Unsecured Promissory Note in the principal amount of $2,500,000 to be issued by Subco I
to Nutricap Labs, LLC, a New York limited liability company, in connection with the Target 2 Acquisition, the principal and interest
repayment of which shall have a maturity of 60 days and bear interest at 6% per annum, a copy of which shall be provided to the
Purchaser promptly, and in any case within one business day, of execution.

 

“Nutricap
Seller Second Note” means the Unsecured Promissory Note in the principal amount of $1,478,000 to be issued by Subco I
to Nutricap Labs, LLC, a New York limited liability company, in connection with the Target 2 Acquisition, the principal and interest
repayment of which shall have a maturity of one year, payable in 12 equal monthly installments and bear interest at 3% per annum,
a copy of which shall be provided to the Purchaser promptly, and in any case within one business day, of execution.

 

“Nutricap
Seller Notes” shall mean, collectively, the Nutricap Seller First Note and Nutricap Seller Second Note.

 

3.3.         Amendment
to Section 6.7. Section 6.7 of the Note Purchase Agreement is hereby amended by replacing Section 6.7 in its entirety with
the following:

 

“6.7           Indebtedness.

 

Create, incur,
assume or suffer to exist any Indebtedness (exclusive of trade debt) except in respect of (a) the Indebtedness to Purchaser, (b)
Permitted Senior Debt, (c) the Essex Debt, (d) the Little Harbor Debt, (e) Indebtedness, incurred at the time of, or within 20
days after, the acquisition of any fixed assets for the purpose of financing all or any part of the acquisition cost thereof, (f)
the Utah Lease, (g) the Subordinated Debt; (h) Refinancing Indebtedness with respect to any of the foregoing; provided that any
Refinancing Indebtedness that (i) is a renewal or extension of Permitted Senior Debt is renewed or extended in accordance with
Section 15 of the Subordination Agreement, (ii) is a refinancing of Permitted Senior Debt is on terms reasonably satisfactory to
the Purchaser, (iii) is a renewal or extension of the Subordinated Debt is renewed or extended in accordance with Section 15 of
the JL-BBNC Subordination Agreement and (iv) is a refinancing of the Subordinated Debt is on terms reasonably satisfactory to the
Purchaser; and (i) the Nutricap Seller Notes.”

 

3.4.         Amendment
to Section 6.11. Section 6.11 of the Note Purchase Agreement is hereby amended by replacing Section 6.11 in its entirety with
the following:

 

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“6.11         Entering
Into or Modification of Certain Agreements

 

The Companies
and their Subsidiaries shall not amend, restate, supplement or otherwise modify (or permit or consent to any amendment, restatement,
supplement or modification of) the terms of (i) its articles or certificate of incorporation, bylaws, any agreement between or
among any of the holders of any Company’s or any of its Subsidiaries’ Equity Interests, any other organizational document,
in each case which would be materially adverse to the Purchaser and (ii) any of the Transaction Documents, the documents and/or
instruments evidencing the Permitted Senior Debt (unless permitted under the Subordination Agreement), the documents and/or instruments
evidencing the Little Harbor Debt (unless permitted under the Little Harbor Subordination Agreement), or any of the leases for
the Premises, in each case which would result in a Material Adverse Effect or (iii) the Nutricap Seller Notes.”

 

4.    
      First Amendment Warrant. A warrant in an amount equal to 434,809 shares of common
stock of the Parent will be issued to the Purchaser in connection with the execution of the First Amendment (the
“First Amendment Warrant”). The First Amendment Warrant shall be substantially in the form attached to the
First Amendment as Exhibit A and shall be exercisable into the Equity Interest of the Parent as provided therein.

 

5.    
      Representations and Warranties; No Default. Each Company hereby represents and
warrants that:

 

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

 

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

 

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

 

6.      
    Ratification and Confirmation. The Companies hereby ratify and
confirm all of the terms and provisions of the Note Purchase Agreement and the other Transaction Documents and agree that all
of such terms and provisions, as amended hereby, remain in full force and effect. 

 

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7.  
        Condition to Effectiveness. The
effectiveness of this Amendment shall be subject to the satisfaction of the following conditions precedent: 

 

7.1.          The
Purchaser shall have received (i) a fully executed copy of this Amendment, (ii) a fully executed copy of the First Amendment Warrant,
and (iii) fully executed amendments to the documents evidencing the Permitted Senior Debt, in each case in form and substance reasonably
satisfactory to the Purchaser.

 

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

 

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

 

7.4.          Borrowers
shall have delivered to the Purchaser a fully executed copy of the Standstill Agreement attached hereto as Exhibit B, duly executed
by an authorized officer of each of the parties thereto, including but not limited to Nutricap Labs, LLC, as junior lender.

 

8.    
      Miscellaneous.

 

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

 

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

 

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

 

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

 

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

 

[Signature Pages Follow.]

 

    	5

    	 

    

 

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

 

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

 

[Signature Page – First Amendment to
JL-BBNC Note and Warrant Purchase Agreement and Consent]

 

    	 

    	 

    

 

	 	TCC CM SUBCO I, INC.
	 	 	 
	 	By:	/s/ Thomas A. Tolworthy
	 	Name:	Thomas A. Tolworthy
	 	Title:	Chief Executive Officer and President
	 	 	 
	 	TCC CM SUBCO II, INC.
	 	 	 
	 	By:	/s/ Thomas A. Tolworthy
	 	Name:	Thomas A. Tolworthy
	 	Title:	Chief Executive Officer and President

 

[Signature Page – First Amendment to
JL-BBNC Note and Warrant Purchase Agreement and Consent]

 

    	 

    	 

    

 

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

 

[Signature Page – First Amendment to
JL-BBNC Note and Warrant Purchase Agreement and Consent]

 

    	 

    	 

    

 

 

EXHIBIT A

 

Form of First Amendment Warrant

 

[See attached]

 

    	 

    	 

    

 

 

EXHIBIT B

 

Standstill Agreement

 

[See attached]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}]]