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MSLPD > SEC Filings for MSLPD > Form 8-K on 18-Jul-2012All Recent SEC Filings

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Form 8-K for MUSCLEPHARM CORP


18-Jul-2012

Change in Directors or Principal Officers


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 12, 2012, MusclePharm Corporation (the "Company") announced that three of its senior executives have voluntarily agreed to return stock and cash bonuses received for 2011 and have relinquished 2012 bonus accruals associated with their existing employment agreements. The 2011 bonuses were based in part on revenue growth that the Company determined recently had been incorrectly calculated as previously reported in the Company's amended Current Reports on Form 8-K filed with the Securities and Exchange Commission on May 25, 2012 and July 9, 2012.

In May 2012, the Company revised the methodology for accruing revenues to more accurately portray the Company's operations. Following the revision, gross revenues were restated downward for certain prior periods, including the year ended December 31, 2011. The three executives have volunteered to reduce both the cash and share amounts awarded for 2011 based on the restated revenue amounts, as well giving up such bonuses accrued for 2012. In total for 2011, each of Brad J. Pyatt (Principal Executive Officer), Jeremy DeLuca (President and Chief Marketing Officer) and Cory Gregory (Senior President) are returning 26,357,328 shares of the Company's common stock and giving back cash bonuses of $30,000 or a total for all executive officers of 79,071,084 shares and $90,000. No other executives received or were entitled to any such bonuses.

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