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MSLP > SEC Filings for MSLP > Form 8-K on 3-Oct-2013All Recent SEC Filings

Show all filings for MUSCLEPHARM CORP



Entry into a Material Definitive Agreement, Change in Directors or Principal Off

Item 1.01. Entry into a Material Definitive Agreement.

On September 30, 2013, MusclePharm Corporation, a Nevada corporation (the "Company"), entered into an employment agreement (the "Employment Agreement") with Richard Estalella, individually ("Estalella"), appointing Estalella as the Company's Chief Operating Officer.

Pursuant to the terms of the Employment Agreement, Estalella is to serve as the Company's Chief Operating Officer from April 29, 2013 (the "Effective Date"), until December 31, 2015 (the "Term"). During the Term, Estalella's responsibilities will include general oversight and management of the company's daily operations, as well as any responsibilities delegated to him by the Company's Chief Executive Officer or board of directors (the "Duties").

In consideration for Estalella's performance of the Duties during the Term, Estalella is to receive an initial base salary of two hundred and fifty thousand dollars ($250,000) per year (the "Base Salary"), any increases to such salary during the Term to be determined at the discretion of the Company and the Compensation Committee of the Company's Board of Directors (the "Committee"). Estalella is also eligible to receive an annual performance bonus based on certain goals and performances levels mutually established by the parties.

Estalella is also entitled to receive, at the discretion and review of the Committee, stock options to purchase shares of the Company's common stock in the amounts and pursuant to the terms as established by the Committee. Estalella is entitled to receive a bonus in an amount not to exceed $250,000 per year, which shall be at the discretion and review of the Committee.

The above description of the Employment Agreement does not purport to be complete and is qualified in its entirety by the full text of such document, which is attached hereto as Exhibit 10.1.

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

Reference is made to the disclosure set forth under Item 1.01 of this Current Report on Form 8-K, which disclosure is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) The following are filed as exhibits to this report on Form 8-K.

Exhibit No.                               Description
    10.1       Employment Agreement, dated September 30, 2013, between
               MusclePharm Corporation and Richard Estalella.

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