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MSLP > SEC Filings for MSLP > Form 8-K on 16-Aug-2013All Recent SEC Filings

Show all filings for MUSCLEPHARM CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for MUSCLEPHARM CORP


16-Aug-2013

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 August 12, 2013, the Compensation Committee (the "Committee") of MusclePharm Corporation, a Nevada corporation ("MusclePharm" or the "Company"), formally approved the potential amount of bonuses that may be earned by the named executive officers of the Company in fiscal year 2013 (the "Executive Bonuses") upon the successful completion of certain performance based criteria for each named executive director that was established by the Committee. The Committee also approved that the Company shall be authorized to pay all or a portion of such Executive Bonuses when such bonuses are earned based upon the successful completion of such performance criteria thresholds established by the Committee.

The Executive Bonuses amounts formally approved by the Committee for each named executive officer, are as follows:

Name                              Title                         Bonus Amount
Brad J. Pyatt        Co-Chairman, CEO and President      $                    250,000
L. Gary Davis        Chief Financial Officer             $                    225,000
John H. Bluher       Co-Chairman and Executive Vice
                     President                           $                    225,000
Richard Estalella    Chief Operating Officer             $                   *157,534
Cory J. Gregory      Executive Vice President of
                     Brand Awareness and Social Media    $                    150,000
                                               Total:    $                  1,007,534

*Prorated from hire date

Pursuant to the above described Executive Bonuses structure and based upon the successful completion of certain performance criteria thresholds, as of August 12, 2013, an aggregate of $254,759 is currently payable to certain of the Company's named executive officers.

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