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MSLP > SEC Filings for MSLP > Form 8-K on 1-Aug-2014All Recent SEC Filings

Show all filings for MUSCLEPHARM CORP

Form 8-K for MUSCLEPHARM CORP


1-Aug-2014

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01. Entry into a Material Definitive Agreement.

On July 28, 2014, MusclePharm Corporation, a Nevada corporation (the "Company"), entered into employment agreements with certain of its executive officers including Donald Prosser ("Prosser") and James Greenwell ("Greenwell"), as well as entered into amendments to the employment contracts of certain of its executive officers including Brad Pyatt ("Pyatt") and Richard Estalella ("Estalella").

Pursuant to Prosser's employment contract (the "Prosser Agreement"), Prosser shall serve as the Company's Chief Financial Officer until December 31, 2015 (the "Prosser Term") during which time Prosser shall report to the Company's President. In consideration of Prosser's performance of his duties during the Prosser Term, Prosser is to receive an initial base salary of $275,000 per year ("Prosser Base Salary"), with any increases to such Prosser Base Salary during the Prosser Term to be determined at the discretion of the Company and the Compensation Committee (the "Committee") of the Company's Board of Directors (the "Board"). Prosser is also eligible to receive an annual performance bonus based on certain goals and performance levels established by the Company and the Committee, in an amount not to exceed $225,000 per year. Prosser 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.

Pursuant to Greenwell's employment contract (the "Greenwell Agreement"), Greenwell shall serve as the Company's Chief Operating Officer until December 31, 2016 (the "Greenwell Term") during which time Greenwell shall report to the Company's President. In consideration of Greenwell's performance of his duties during the Greenwell Term, Greenwell is to receive an initial base salary of $275,000 per year ("Greenwell Base Salary"), with any increases to such Greenwell Base Salary during the Greenwell Term to be determined at the discretion of the Company and the Committee. Greenwell is also eligible to receive an annual performance bonus based on certain goals and performance levels established by the Company and the Committee, in an amount not to exceed $300,000 per year. Greenwell 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.

Pyatt's employment contract was amended to extend the term of such agreement to December 31, 2018.

Estalella's employment contract was amended as follows:

Estalella's title and responsibilities were amended to reflect his current role as the Company's President;

The term of such contract was extended to December 31, 2018;

Base Salary was increased to $300,000 per year and bonus eligibility was increased to $325,000 per year; and

Certain severance and termination provisions were amended.

The above description of the Prosser Agreement and the Greenwell Agreement does not purport to be complete and is qualified in its entirety by the full text of such documents, which are attached hereto as Exhibit 10.1 and 10.2, respectively.



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 July 28, 2014, between MusclePharm
                  Corporation and Donald Prosser.
    10.2          Employment Agreement, dated July 28, 2014, between MusclePharm
                  Corporation and James Greenwell.
    10.3          Amended Employment Agreement, dated July 28, 2014, between
                  MusclePharm Corporation and Brad Pyatt.
    10.4          Amended Employment Agreement, dated July 28, 2014, between
                  MusclePharm Corporation and Richard Estalella.

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