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MSLP > SEC Filings for MSLP > Form 8-K on 2-May-2013All Recent SEC Filings

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Form 8-K for MUSCLEPHARM CORP


2-May-2013

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On April 29, 2013, the Board of Directors (the "Board") of MusclePharm Corporation (the "Company") appointed Mr. Richard Estalella as Chief Operating Officer.

Mr. Estalella, 51, served as Senior Vice President of Operations at Arbonne International, LLC since 2005. Mr. Estalella was instrumental in Arbonne's expansion operations and distribution upgrades and was responsible for all warehouse and distribution facilities, facilities maintenance departments and Customer Service. Previously, between 1998 and 2005, he owned a consulting business specializing in retail, operations, warehousing and distribution. Prior to that, Mr. Estalella served as Senior Vice President of Warehouse Operations for Office Depot between 1987 and 1998 and established many of its retail markets, along with its nationwide distribution center network also helped grow it into a $9 billion company.

Pursuant to the offer letter extended to Mr. Estalella dated April 9, 2013 and amended on April 30, 2013, Mr. Estalella will serve as the Company's Chief Operating Officer for a term of three years. Mr. Estalella will be entitled to a base salary of $250,000 annually and a cash bonus of up to $250,000 for 2013 based on criteria and thresholds of EBITDA and other measures to be determined by the Board and/or the Compensation Committee of the Board in line with the Company's bonus structure for other executive officers. Mr. Estalella will also receive a grant of 50,000 shares of the Company's common stock or options to purchase 50,000 shares of the Company's common stock (subject to vesting) which plan is currently being reviewed by an independent third party to optimize both Mr. Estalella and the Company's tax and accounting position. In addition, Mr. Estalella will also be entitled to a relocation reimbursement of up to $50,000.

There is no family relationship between Mr. Estalella and any of our other officers and directors. There are no understandings or arrangements between Mr. Estalella and any other person pursuant to which Mr. Estalella was selected as an officer.

Except for the aforementioned arrangements, there has not been any transaction or currently proposed transaction, in which the Company was or is to be a participant and the amount involved exceeds $120,000, and in which Mr. Estalella had or will have a direct or indirect material interest since the beginning of the Company's last fiscal year.

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