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MSLP > SEC Filings for MSLP > Form 8-K on 31-Dec-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 December 30, 2013, MusclePharm Corporation, a Nevada corporation (the "Company"), entered into an employment agreement (the "Employment Agreement") with Sydney Rollock, individually ("Rollock"). Pursuant to the terms of the Employment Agreement, Rollock is to serve as the Company's Chief Marketing Officer until December 31, 2016 (the "Term"). During the Term, Rollock's responsibilities will include general oversight and management of the Company's daily operations as it relates to marketing, as well as any responsibilities delegated to him by the Company's Chief Executive Officer or board of directors (the "Duties").

In consideration for Rollock's performance of the Duties during the Term, Rollock is to receive an initial base salary of Two Hundred and Twenty-Five Thousand US Dollars ($225,000) per year (the "Base Salary"), with any increases to such Base 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"). Rollock is also eligible to receive an annual performance bonus based on certain goals and performances levels mutually established by the parties.

Rollock is also entitled to receive, at the discretion and review of the Committee, shares of the Company's common stock in the amounts and pursuant to the terms as established by the Committee. Rollock 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.

Also on December 30, 2013, the Company and certain of its executive officers, including Brad Pyatt, L. Gary Davis, Cory Gregory and Richard Estalella (the "Executive Officers") amended the employment agreements of each respective Executive Officer, to be effective as of January 1, 2014, pursuant to which the term of each Executive Officers employment agreement was extended until December 31, 2016.

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

As previously disclosed on the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 16, 2013, Mr. John Bluher has resigned his position as a member of the Company's Board of Directors, effective December 31, 2013.

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 December 30, 2013, between
               MusclePharm Corporation and Sydney Rollock.

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