Exhibit 10.1


 


EXECUTIVE EMPLOYMENT
AGREEMENT


 


This EXECUTIVE EMPLOYMENT
AGREEMENT (“Agreement”) is made and entered into as of the 11th day of February 2016, by and between
MusclePharm Corporation, a Nevada corporation headquartered at 4721 Ironton Street, Building A, Denver, Colorado 80239 (“Company”)
and Ryan Drexler (“Executive”). As used herein, the “Effective Date” of this Agreement shall
mean February 10, 2016.


 


WITNESSETH:


 


WHEREAS,
the Executive desires to continue to be employed by the Company as its Executive Chairman and the Company wishes to continue to
employ the Executive in such capacity.


 


NOW, THEREFORE,
in consideration of the foregoing and their respective covenants and agreements contained in this document, the Company and the
Executive hereby agree as follows:


 


1.          Employment
and Duties. The Company agrees to continue to employ and the Executive agrees to continue to serve as the Company’s Executive
Chairman. The duties and responsibilities of the Executive shall include the duties and responsibilities as the Company’s
Board of Directors (“Board”) may from time to time assign to the Executive that are consistent with the duties
normally expected of a co-chief executive officer or similar most senior position.


 


The Executive shall
devote sufficient portions of his working time and efforts during the Company’s normal business hours to the business and
affairs of the Company and its subsidiaries and to the diligent and faithful performance of the duties and responsibilities duly
assigned to him pursuant to this Agreement. Provided that none of his additional activities materially interferes with the performance
of the duties and responsibilities of the Executive or violates the terms of Section 15, nothing in this Section 1 shall prohibit
the Executive from: (A) serving as a director or member of a committee of up to two (2) entities that do not, in the good faith
determination of the Board, compete or present the appearance of competition with the Company or otherwise create, or could create,
in the good faith determination of the Board, a conflict of interest or appearance of a conflict of interest with the business
of the Company; (B) delivering lectures, fulfilling speaking engagements, and any writing or publication relating to his area of
expertise; (C) serving as a director or trustee of any governmental, charitable or educational organization (D) engaging in additional
activities in connection with personal investments and community affairs, including, without limitation, professional or charitable
sports and/or coaching, nutrition or similar organization committees, boards, memberships or similar associations or affiliations
or (E) performing coaching or advisory activities.


 


2.          Term.
The term of this Agreement shall commence on the Effective Date and, subject to the provisions set forth in Paragraph 13, belowshall
continue for a period of three (3) years following the Effective Date and shall be automatically renewed for successive one (1)
year periods thereafter unless either party provides the other party with written notice of his or its intention not to renew this
Agreement at least three (3) months prior to the expiration of the initial term or any renewal term of this Agreement. “Employment
Period” shall mean the initial three (3) year term plus renewals, if any.


 




     

     

    

  


3.          Place
of Employment. The Executive’s services shall be performed at the Company's headquarters at 4721 Ironton Street, Building
A, Denver, Colorado 80239, or in such location or locations as the Company's Board of Directors shall determine, in its sole discretion.


 


4.          Stock
Options Upon Signing. The Executive shall be entitled to a grant of Two Hundred Fifty Thousand dollars ($250,000.00) in stock
options, with at the market close price, on the date this Agreement is signed.


 


5.          Base
Salary. The Company agrees to pay the Executive a base salary (“Base Salary”) at an annual rate of. Five hundred
fifty thousand dollars ($550,000.00) The Board may adjust the Base Salary annually on each anniversary of the Effective Date (provided
that no decrease shall result in a Base Salary less than the 50th percentile of comparable peer companies based on independent
consultant report retained by the Company). With respect to services since the Executive’s start date of August 26, 2015
(and in lieu of any other Base Salary for 2015), the Executive shall be paid $250,000 on March 1, 2016 (the “2015 Compensation”). 
The Base Salary shall be paid in periodic installments in accordance with the Company’s regular payroll practices.


 


6.          Target
Incentive Bonuses. During the Employment Period, Executive shall be entitled to receive incentive bonuses.


 


(a)          The
Executive shall be entitled to a transaction bonus (“Transaction Bonus”) as set forth in Attachment A. In addition
to the Transaction Bonus described in Attachment A, Executive shall be eligible to receive an annual bonus the (“Annual
Bonus”) of up to Two Hundred Percent (200%) of Executive’s Base Salary, paid by the Company to the Executive promptly
after determination by Compensation Committee that the following, relevant targets have been met: (i) the achievement of positive
operating profit for the year ended December 31, 2016, excluding restructuring charges and Biozone; (ii) the achievement of an
adjusted EBITDA of no less than Five Million Dollars ($5,000,000.00), excluding Biozone; and (iii) the reduction of operating expenses
by at least Five Million Dollars ($5,000,000.00). Executive understands that the attainment of any financial targets associated
with any bonus shall not be determined until following the completion of the Company’s annual audit and public announcement
of such results and shall be paid promptly following the Company’s announcement of earnings. The Annual Bonus will be paid
in the calendar year that follows the fiscal year with respect to which the Annual Bonus is determined but not later than the date
that similar bonuses are paid to other members of senior management.


 


(b)          The
Executive shall be eligible for grants of equity awards available to senior executive officers of the Company under a Company incentive
plan adopted by the Board and approved by the stockholders of the Company, as the Compensation Committee or the Board may from
time to time determine; provided however, that every such related award agreement shall specify that upon termination
of the Executive’s employment for any reason by the Company or by the Executive any unvested portion of the equity awards
shall immediately vest.


 


7.          Post-Employment
Compensation. Upon termination of employment for any reason, the Executive shall be entitled to: (A) all Base Salary
earned through the date of termination to be paid according to Section 4; (B) any and all reasonable expenses paid or incurred
by the Executive in connection with and related to the performance of his duties and responsibilities for the Company during the
period ending on the termination date to be paid according to Section 8; (C) any accrued but unused vacation time through the
termination date in accordance with Company policy; and (D) any Annual Bonuses or Transaction Bonus earned through the date of
termination to be paid according to Section 5(a) or Attachment A respectively; and (E) all vested equity awards earned prior to
termination.


 




     2


     

    

  


Additionally,
if the Executive’s employment is terminated prior to expiration of the Employment Period (including due to his death or Disability,
as defined in Section 13(b), but excluding the Executive’s termination by the Company for Cause or by the Executive without
Good Reason as provided in Section 13(d)), the Executive shall remain eligible to receive the Transaction Bonus if a Qualifying
Sale occurs before the fifth (5th) anniversary of the Effective Date; provided, that, on a termination without Cause
or a resignation for Good Reason, the Executive executes and lets become irrevocable an agreement releasing Company and its affiliates
from any releasable liability associated with this Agreement (other than with respect to amounts not yet due) within sixty (60)
days following the termination of employment and the Executive complies with his other obligations under Sections 14 and 15 of
this Agreement.


 


8.          Clawback
Rights. The Transaction Bonus, Annual Bonus and any and all stock based compensation (such as options and equity awards) (collectively,
the “Clawback Benefits”) shall be subject to “Clawback Rights” as follows: during the period
that the Executive is employed by the Company and upon the termination of the Executive’s employment and for a period of
three (3) years thereafter, if there is a restatement of any financial results from which any Clawback Benefits to the Executive
shall have been determined, the Executive agrees to repay any amounts which were determined by reference to any Company financial
results which were later restated (as defined below), to the extent the Clawback Benefits amounts paid exceed the Clawback Benefits
amounts that would have been paid, based on the restatement of the Company’s financial information. (The parties acknowledge
that the nature of the Transaction Bonus is such that the amounts paid are unlikely to have been determined based on the financial
results.) All Clawback Benefits amounts resulting from such restated financial results shall be retroactively adjusted by the Compensation
Committee to take into account the restated results, and any excess portion of the Clawback Benefits resulting from such restated
results shall be immediately surrendered to the Company and if not so surrendered within ninety (90) days of the revised calculation
being provided to the Executive by the Compensation Committee following a publicly announced restatement, the Company shall have
the right to take any and all action to effectuate such adjustment. The calculation of the revised Clawback Benefits amount shall
be determined by the Compensation Committee in good faith and in accordance with applicable law, rules and regulations. All determinations
by the Compensation Committee with respect to the Clawback Rights shall be final and binding on the Company and the Executive.
The Clawback Rights shall terminate following a Qualifying Transaction (as defined in Attachment A), subject to applicable law,
rules and regulations. For purposes of this Section 8, a restatement of financial results that requires a repayment of a portion
of the Clawback Benefits amounts shall mean a restatement resulting from material non-compliance of the Company with any financial
reporting requirement under the federal securities laws and shall not include a restatement of financial results resulting from
subsequent changes in accounting pronouncements or requirements which were not in effect on the date the financial statements were
originally prepared (“Restatements”). The parties acknowledge it is their intention that the foregoing Clawback
Rights as relates to Restatements conform in all respects to the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection
Act of 2010 (“Dodd-Frank Act”) and require recovery of all “incentive-based” compensation, pursuant
to the provisions of the Dodd-Frank Act and any and all rules and regulations promulgated thereunder from time to time in effect.
Accordingly, the terms and provisions of this Agreement shall be deemed automatically amended from time to time to assure compliance
with the Dodd-Frank Act and such rules and regulations as hereafter may be adopted and in effect.


 




     3


     

    

  


9.          Expenses.
The Executive shall be entitled to prompt reimbursement by the Company for all reasonable ordinary and necessary travel, entertainment,
and other expenses incurred by the Executive while employed (in accordance with the policies and procedures established by the
Company for its senior executive officers) in the performance of his duties and responsibilities under this Agreement; provided,
that the Executive shall properly account for such expenses in accordance with Company policies and procedures.


 


10.         Other
Benefits. During the term of this Agreement, the Executive shall be eligible to participate in incentive, stock purchase, savings,
retirement (401(k)), and welfare benefit plans, including, without limitation, health, medical, dental, vision, life (including
accidental death and dismemberment) and disability insurance plans (collectively, “Benefit Plans”), in substantially
the same manner and at substantially the same levels as the Company makes such opportunities available to the Company’s managerial
or salaried executive employees and/or its senior executive officers.


 


The Company
shall pay one hundred percent (100%) of the cost for any group medical, vision and/or dental coverage elected by and for the Executive
and fifty percent (50%) of the additional incremental cost for any group medical, vision and/or dental coverage elected by the
Executive for the Executive’s family.


 


The Executive
shall be entitled to air travel, including travel by first class or by private plane, as is reasonable and necessary for the performance
of his duties and responsibilities, in accordance with the Company’s policies as approved by the Board.


 


11.         Vacation.
During the term of this Agreement, the Executive shall be entitled to accrue, on a pro rata basis, thirty (30) paid vacation days
per year. Vacation shall be taken at such times as are mutually convenient to the Executive and the Company and no more than fifteen
(15) consecutive days shall be taken at any one time without Company approval in advance.


 


12.         Reserved.


 


13.         Termination
of Employment.


 


(a)          Death.
If the Executive dies during the Employment Period, this Agreement and the Executive’s employment with the Company shall
automatically terminate and the Company’s obligations to the Executive’s estate and to the Executive’s Qualified
Beneficiaries shall be those set forth in Section 6.


 


(b)          Disability.
In the event that, during the term of this Agreement the Executive shall be prevented from performing his essential functions hereunder
to the full extent required by the Company by reason of Disability (as defined below), this Agreement and the Executive’s
employment with the Company shall automatically terminate. The Company’s obligation to the Executive under such circumstances
shall be those set forth in Section 6. For purposes of this Agreement, “Disability” shall mean a physical or
mental disability that prevents the performance by the Executive, with or without reasonable accommodation, of his essential functions
hereunder for an aggregate of one hundred twenty (120) days or longer during any twelve (12) consecutive months. The determination
of the Executive’s Disability shall be made by an independent physician who is reasonably acceptable to the Company and the
Executive (or his representative), be final and binding on the parties hereto and be made taking into account such competent medical
evidence as shall be presented to such independent physician by the Executive and/or the Company or by any physician or group of
physicians or other competent medical experts employed by the Executive and/or the Company to advise such independent physician.


 




     4


     

    

  


(c)          Cause.


 


(1)         At
any time during the Employment Period, the Company may terminate this Agreement and the Executive’s employment hereunder
for Cause. For purposes of this Agreement, “Cause” shall mean: (a) the willful and continued failure of the
Executive to perform substantially his duties and responsibilities for the Company (other than any such failure resulting from
the Executive’s death or Disability) after a written demand by the Board for substantial performance is delivered to the
Executive by the Company, which specifically identifies the manner in which the Board believes that the Executive has not substantially
performed his duties and responsibilities, which willful and continued failure is not cured by the Executive within thirty (30)
days following his receipt of such written demand; (b) the conviction of, or plea of guilty or nolo contendere to, a felony,
or (c) fraud, dishonesty or gross misconduct which is materially and demonstratively injurious to the Company. Termination under
clauses (b) or (c) of this Section 13(c)(1) shall not be subject to cure.


 


(2)         For
purposes of this Section 13(c), no act, or failure to act, on the part of the Executive shall be considered “willful”
unless done, or omitted to be done, by him in bad faith and without reasonable belief that his action or omission was in, or not
opposed to, the best interest of the Company. Between the time the Executive receives written demand regarding substantial performance,
as set forth in subparagraph (1) above, and prior to an actual termination for Cause, the Executive will be entitled to appear
(with counsel) before the full Board to present information regarding his views on the Cause event. After such hearing, termination
for Cause must be approved by a majority vote of the full Board (other than the Executive). After providing the written demand
regarding substantial performance, the Board may suspend the Executive with full pay and benefits until a final determination by
the full Board has been made.


 


(3)         Upon
termination of this Agreement for Cause, the Company shall have no further obligations or liability to the Executive or his heirs,
administrators or executors with respect to compensation and benefits thereafter, except for the obligation to pay the Executive
any Base Salary earned through the date of termination to be paid according to Section 4; any Annual Bonuses or Transaction Bonus
earned through the date of termination to be paid according to Section 5(a) or Attachment A respectively; reimbursement of any
and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance of his duties and
responsibilities for the Company during the period ending on the termination date to be paid according to Section 8; and any accrued
but unused vacation time through the termination date in accordance with Company policy. The Company shall deduct, from all payments
made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions.


 


(d)          For
Good Reason or Without Cause.


 


(1)         At
any time during the term of this Agreement and subject to the conditions set forth in Section 13(d)(2) below the Executive may
terminate this Agreement and the Executive’s employment with the Company for “Good Reason”. For purposes of this
Agreement, “Good Reason” shall mean the occurrence of any of the following events without Executive’s
consent: (A) the assignment to the Executive, without Executive's consent, of duties that are significantly different from, and/or
that result in a substantial diminution of, the duties that he assumed on the Effective Date (including reporting to anyone other
than solely and directly to the Board); (B) the assignment to the Executive, without Executive's consent, of a title that is different
from and subordinate to the title Executive Chairman of the Company; or (C) material breach by the Company of this Agreement.


 




     5


     

    

  


(2)         The
Executive shall not be entitled to terminate this Agreement for Good Reason unless and until he shall have delivered written notice
to the Company within ninety (90) days of the date upon which the facts giving rise to Good Reason occurred of his intention to
terminate this Agreement and his employment with the Company for Good Reason, which notice specifies in reasonable detail the circumstances
claimed to provide the basis for such termination for Good Reason, and the Company shall not have eliminated the circumstances
constituting Good Reason within thirty (30) days of its receipt from the Executive of such written notice. In the event the Executive
elects to terminate this Agreement for Good Reason in accordance with Section 13(d)(1), such election must be made within the twenty-four
(24) months following the initial existence of one or more of the conditions constituting Good Reason as provided in Section 13(d)(1).


 


(3)         In
the event that the Executive terminates this Agreement and his employment with the Company for Good Reason or the Company terminates
this Agreement and the Executive’s employment with the Company without Cause, the Company shall pay or provide to the Executive
(or, following his death, to the Executive’s heirs, administrators or executors) the compensation set forth in Section 6
above. The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and
other appropriate deductions.


 


(4)         The
Executive shall not be required to mitigate the amount of any payment provided for in this Section 12(d) by seeking other employment
or otherwise, nor shall the amount of any payment provided for in this Section 12(d) be reduced by any compensation earned by the
Executive as the result of employment by another employer or business or by profits earned by the Executive from any other source
at any time before and after the termination date. The Company’s obligation to make any payment pursuant to, and otherwise
to perform its obligations under, this Agreement shall not be affected by any offset, counterclaim or other right that the Company
may have against the Executive for any reason.


 


(e)          Without
“Good Reason” by the Executive. At any time during the term of this Agreement, the Executive shall be entitled
to terminate this Agreement and the Executive’s employment with the Company without Good Reason by providing prior written
notice of at least thirty (30) days to the Company. Upon termination by the Executive of this Agreement or the Executive’s
employment with the Company without Good Reason, the Company shall have no further obligations or liability to the Executive or
his heirs, administrators or executors with respect to compensation and benefits thereafter, except for the obligation to pay the
Executive any Base Salary earned through the date of termination to be paid according to Section 4; any earned and unpaid Transaction
Bonus; any unpaid Annual Bonus to be paid according to Section 5(a); reimbursement of any and all reasonable expenses paid or incurred
by the Executive in connection with and related to the performance of his duties and responsibilities for the Company during the
period ending on the termination date to be paid according to Section 8; any accrued but unused vacation time through the termination
date in accordance with Company policy; and as to any vested equity compensation, in accordance with its terms. The Company shall
deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions.


 




     6


     

    

  


(f)          Reserved.


 


(g)          Any
termination of the Executive’s employment by the Company or by the Executive (other than termination by reason of the Executive’s
death) shall be communicated by written Notice of Termination to the other party of this Agreement. For purposes of this Agreement,
a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision
in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provision so indicated, provided, however, failure to provide timely
notification shall not affect the employment status of the Executive.


 


14.         Confidential
Information.


 


(a)          Disclosure
of Confidential Information. The Executive recognizes, acknowledges and agrees that he has had and will continue to have access
to secret and confidential information regarding the Company, its subsidiaries and their respective businesses (“Confidential
Information”), including but not limited to, its products, methods, formulas, software code, patents, sources of supply,
customer dealings, data, know-how, trade secrets and business plans, provided such information is not in or does not hereafter
become part of the public domain, or become known to others through no fault of the Executive. The Executive acknowledges that
such information is of great value to the Company, is the sole property of the Company, and has been and will be acquired by him
in confidence. In consideration of the obligations undertaken by the Company herein, the Executive will not, at any time, during
or after his employment hereunder, reveal, divulge or make known to any person, any information acquired by the Executive during
the course of his employment, which is treated as confidential by the Company, and not otherwise in the public domain. The provisions
of this Section 14 shall survive the termination of the Executive’s employment hereunder.


 


(b)          The
Executive affirms that he does not possess and will not rely upon the protected trade secrets or confidential or proprietary information
of any prior employer(s) in providing services to the Company or its subsidiaries.


 


(c)          In
the event that the Executive’s employment with the Company terminates for any reason, the Executive shall deliver forthwith
to the Company any and all originals and copies, including those in electronic or digital formats, of Confidential Information;
provided, however, the Executive shall be entitled to retain (i) papers and other materials of a personal nature, including, but
not limited to, photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone books, (ii) information
showing his compensation or relating to reimbursement of expenses, (iii) information that he reasonably believes may be needed
for tax purposes and (iv) copies of plans, programs and agreements relating to his employment, or termination thereof, with the
Company.


 


15.         Non-Competition
and Non-Solicitation.


 


(a)          The
Executive agrees and acknowledges that the Confidential Information that the Executive has already received and will receive is
valuable to the Company and that its protection and maintenance constitutes a legitimate business interest of the Company, to be
protected by the non-competition restrictions set forth herein. The Executive agrees and acknowledges that the non-competition
restrictions set forth herein are reasonable and necessary and do not impose undue hardship or burdens on the Executive. The Executive
also acknowledges that the products and services developed or provided by the Company, its affiliates and/or its clients or customers
are or are intended to be sold, provided, licensed and/or distributed to customers and clients primarily in and throughout the
United States (“Territory”) (to the extent the Company comes to operate, either directly or through the engagement
of a distributor or joint or co-venturer, or sell a significant amount of its products and services to customers located, in areas
other than the United States during the term of the Employment Period, the definition of Territory shall be automatically expanded
to cover such other areas), and that the Territory, scope of prohibited competition, and time duration set forth in the non-competition
restrictions set forth below are reasonable and necessary to maintain the value of the Confidential Information, and to protect
the goodwill and other legitimate business interests of, the Company, its affiliates and/or its clients or customers.


 




     7


     

    

  


(b)          The
Executive hereby agrees and covenants that he shall not, without the prior written consent of the Company, directly or indirectly,
in any capacity whatsoever, including, without limitation, as an employee, employer, consultant, principal, partner, shareholder,
officer, director or any other individual or representative capacity (other than (i) as a holder of less than two percent (2%)
of the outstanding securities of a Company whose shares are traded on any securities exchange or (ii) as a limited partner, passive
minority interest holder in a venture capital fund, private equity fund or similar investment entity which holds or may hold an
equity or debt position in portfolio companies that are competitive with the Company; provided however, that the
Executive shall be precluded from serving as an operating partner, general partner, manager or governing board designee with respect
to such portfolio companies), whether on the Executive’s own behalf or on behalf of any other person or entity or otherwise
howsoever, within the Territory:


 


(1)         Engage,
own, manage, operate, control, be employed by, consult for, participate in, or be connected in any manner with the ownership, management,
operation or control of any business in direct competition with the business of the Company;


 


(2)         Recruit,
solicit or hire, or attempt to recruit, solicit or hire, any employee, or independent contractor of the Company to leave the employment
(or independent contractor relationship) thereof, whether or not any such employee or independent contractor is party to an employment
agreement, for the purpose of competing with the business of the Company;


 


(3)         Attempt
in any manner to solicit from any customer of the Company, with whom the Executive had significant contact during the last twelve
(12) months of the Executive’s employment by the Company (whether under this Agreement or otherwise), business of the kind
or competitive with the business done by the Company with such customer or to persuade or attempt to persuade any such customer
to cease to do business or to reduce the amount of business which such customer has customarily done or might do with the Company;
or


 


(4)         Interfere
with any relationship, contractual or otherwise, between the Company and any other party, including, without limitation, any supplier,
distributor, co-venturer or joint venturer of the Company, for the purpose of soliciting such other party to discontinue or reduce
its business with the Company.


 


Executive agrees that
these non-competition restrictions shall be enforceable during the Employment Period and, in the event Executive’s employment
with the Company is terminated pursuant to Sections 13(b) or 13(d), for a period of twelve (12) months following Executive’s
termination from employment in the Territory as defined in Section 15(a).


 




     8


     

    

  


16.         Section
409A.


 


The provisions of this
Agreement are intended to comply with or are exempt from Section 409A of the Code (“Section 409A”) and the related
Treasury Regulations and shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under
Section 409A. The Company and the Executive agree to work together in good faith to consider amendments to this Agreement and to
take such reasonable actions necessary, appropriate or desirable to avoid imposition of any additional tax under Section 409A or
income recognition prior to actual payment to the Executive under this Agreement.


 


It is intended
that any expense reimbursement made under this Agreement shall be exempt from Section 409A. Notwithstanding the foregoing, if any
expense reimbursement made under this Agreement shall be determined to be “deferred compensation” subject to Section
409A (“Deferred Compensation”), then (a) the right to reimbursement or in-kind benefits is not subject to liquidation
or exchange for another benefit, (b) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any
taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable
year (provided that this clause (b) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section
105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect) and
(c) such payments shall be made on or before the last day of the taxable year following the taxable year in which the expense was
incurred.


 


With respect
to the time of payments of any amount under this Agreement that is Deferred Compensation, references in the Agreement to “termination
of employment” and substantially similar phrases, including a termination of employment due to the Executive’s Disability,
shall mean “Separation from Service” from the Company within the meaning of Section 409A (determined after applying
the presumptions set forth in Treasury Regulation Section 1.409A-1(h)(1)). Each installment payable hereunder shall constitute
a separate payment for purposes of Treasury Regulation Section 1.409A-2(b), including Treasury Regulation Section 1.409A-2(b)(2)(iii).
Each payment that is made within the terms of the “short-term deferral” rule set forth in Treasury Regulation Section
1.409A-1(b)(4) is intended to meet the “short-term deferral” rule. Each other payment is intended to be a payment upon
an involuntary termination from service and payable pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii), et. seq., to the
maximum extent permitted by that regulation, with any amount that is not exempt from Code Section 409A being subject to Code Section
409A.


 


Notwithstanding
anything to the contrary in this Agreement, if the Executive is a “specified employee” within the meaning of Section
409A at the time of the Executive’s termination, then only that portion of the compensation payable to the Executive pursuant
to this Agreement, if any, and any other severance payments or separation benefits which may be considered Deferred Compensation
(together, the “Deferred Separation Benefits”), which (when considered together) do not exceed the Section 409A
Limit (as defined herein) may be made within the first six (6) months following the Executive’s termination of employment
in accordance with the payment schedule applicable to each payment or benefit. Any portion of the Deferred Separation Benefits
in excess of the Section 409A Limit otherwise due to the Executive on or within the six (6) month period following the Executive’s
termination will accrue during such six (6) month period and will become payable in one lump sum cash payment on the date six (6)
months and one (1) day following the date of the Executive’s termination of employment. All subsequent Deferred Separation
Benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding
anything herein to the contrary, if the Executive dies following termination but prior to the six (6) month anniversary of the
Executive’s termination date, then any payments delayed in accordance with this paragraph will be payable in a lump sum as
soon as administratively practicable after the date of the Executive’s death and all other Deferred Separation Benefits will
be payable in accordance with the payment schedule applicable to each payment or benefit.


 




     9


     

    

  


For purposes
of this Agreement, “Section 409A Limit” shall mean a sum equal to (x) the amounts payable within the terms of
the “short-term deferral” rule under Treasury Regulation Section 1.409A-1(b)(4) plus (y) the amount payable as “separation
pay due to involuntary separation from service” under Treasury Regulation Section 1.409A-1(b)(9)(iii) equal to the lesser
of two (2) times: (i) the Executive’s annualized compensation from the Company based upon his annual rate of pay during the
Executive’s taxable year preceding his taxable year when his employment terminated, as determined under Treasury Regulation
1.409A-1(b)(9)(iii)(A)(1); and (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section
401(a)(17) of the Code for the year in which the Executive’s employment is terminated.  


 


17.         Miscellaneous.


 


(a)          The
Executive acknowledges that the services to be rendered by him under the provisions of this Agreement are of a special, unique
and extraordinary character and that it would be difficult or impossible to replace such services. Furthermore, the parties acknowledge
that monetary damages alone would not be an adequate remedy for any breach by the Executive of Section 14 or Section 15 of this
Agreement. Accordingly, the Executive agrees that any breach or threatened breach by him of Section 14 or Section 15 of this Agreement
shall entitle the Company, in addition to all other legal remedies available to it, to apply to any court of competent jurisdiction
to seek to enjoin such breach or threatened breach. The parties understand and intend that each restriction agreed to by the Executive
hereinabove shall be construed as separable and divisible from every other restriction, that the unenforceability of any restriction
shall not limit the enforceability, in whole or in part, of any other restriction, and that one or more or all of such restrictions
may be enforced in whole or in part as the circumstances warrant. In the event that any restriction in this Agreement is more restrictive
than permitted by law in the jurisdiction in which the Company seeks enforcement thereof, such restriction shall be limited to
the extent permitted by law. The remedy of injunctive relief herein set forth shall be in addition to, and not in lieu of, any
other rights or remedies that the Company may have at law or in equity.


 


(b)          Neither
the Executive nor the Company may assign or delegate any of their rights or duties under this Agreement without the express written
consent of the other; provided, however, that the Company shall have the right to delegate its obligation of payment of all sums
due to the Executive hereunder, provided that such delegation shall not relieve the Company of any of its obligations hereunder.


 




     10


     

    

  


(c)          During
the term of this Agreement, the Company (i) shall indemnify and hold harmless the Executive and his heirs and representatives to
the maximum extent provided by the laws of the State of Nevada and by Company’s bylaws and (ii) shall cover the Executive
under the Company’s directors’ and officers’ liability insurance on the same basis as it covers other senior
executive officers and directors of the Company.         


 


(d)          This
Agreement constitutes and embodies the full and complete understanding and agreement of the parties with respect to the Executive’s
employment by the Company, supersedes all prior understandings and agreements, whether oral or written, between the Executive and
the Company, and shall not be amended, modified or changed except by an instrument in writing executed by the party to be charged.
The invalidity or partial invalidity of one or more provisions of this Agreement shall not invalidate any other provision of this
Agreement. No waiver by either party of any provision or condition to be performed shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same time or any prior or subsequent time.


 


(e)          This
Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties hereto and their respective successors,
heirs, beneficiaries and permitted assigns.


 


(f)          The
headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation
of this Agreement.


 


(g)          All
notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be
deemed to have been duly given when personally delivered, sent by registered or certified mail, return receipt requested, postage
prepaid, or by reputable national overnight delivery service (e.g., Federal Express) for overnight delivery to the party at the
address set forth in the preamble to this Agreement, or to such other address as either party may hereafter give the other party
notice of in accordance with the provisions hereof. Notices shall be deemed given on the sooner of the date actually received or
the third business day after deposited in the mail or one business day after deposited with an overnight delivery service for overnight
delivery.


 


(h)          This
Agreement shall be governed by and construed in accordance with the internal laws of the State of Colorado, and each of the parties
hereto irrevocably consents to the jurisdiction and venue of the federal and state courts located in the State of Colorado for
any disputes arising out of this Agreement, or the Executive’s employment with the Company. The prevailing party in any dispute
arising out of this Agreement shall be entitled to his or its reasonable attorney’s fees and costs.


 


(i)          This
Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one of the same instrument. The parties hereto have executed this Agreement as of the date set forth
above.


 


(j)          The
Executive represents and warrants to the Company, that he has the full power and authority to enter into this Agreement and to
perform his obligations hereunder and that the execution and delivery of this Agreement and the performance of his obligations
hereunder will not conflict with any agreement to which the Executive is a party.


 




     11


     

    

 


 


(k)          The
Company represents and warrants to the Executive that it has the full power and authority to enter into this Agreement and to perform
its obligations hereunder and that the execution and delivery of this Agreement and the performance of its obligations hereunder
will not conflict with any agreement to which the Company is a party.


 


[Signature page follows immediately]


 




     12


     

    

 


IN WITNESS WHEREOF,
the Executive and the Company have caused this Executive Employment Agreement to be executed as of the date first above written.


 


	 	MUSCLEPHARM CORPORATION
	 	 
	 	By:	/s/ John Price
	 	Name:  	John Price
	 	Title:	Chief Financial Officer
	 	Date Signed:   February 11, 2016
	 	 	 
	 	/s/ Ryan Drexler
	 	Executive
	 	Date Signed :  February 11, 2016


 




     13


     

    

 


Attachment A


 


Transaction Bonus


 


Upon the occurrence of a Qualifying Sale
during Executive’s employment (or, thereafter to the extent provided in the Agreement), Executive shall be entitled to a
Transaction Bonus equal to 10% of the Aggregate Purchase Price; provided however, that the Qualifying Sale must be
consummated on or prior to the third anniversary of the Effective Date, and provided further that the Aggregate Purchase
Price must equal or exceed the product of (i) $15.00 multiplied by (ii) the number of shares of common stock outstanding immediately
prior to the Qualifying Sale.


 


The Transaction Bonus shall be paid in
cash or in kind, tracking the Aggregate Purchase Price allocation, or, at the Company’s sole discretion, may be paid solely
in cash. The Company agrees that it shall not consummate a Qualifying Sale without arranging for the payment of the Transaction
Bonus at the closing of the Qualifying Sale or promptly thereafter.


 


“Qualifying Sale” shall mean
(i) the sale of all or substantially all of the assets of the Company or (ii) the sale of all or substantially all of the outstanding
common stock of the Company, whether by merger, consolidation, sale or other transfer of shares of common stock (other than a merger
or consolidation where the stockholders of the Company prior to the merger or consolidation are the holders of a majority of the
voting securities of the entity that survives such merger or consolidation).


 


“Aggregate Purchase Price”
means the sum of all cash paid or payable and the fair market value of all property or securities transferred in connection with
a Qualifying Sale. Amounts paid into escrow, installment payments and contingent payments in connection with a Qualifying Sale
shall be included as part of the Aggregate Purchase Price; provided however, that the portions of the Transaction
Bonus based on amounts paid into escrow, installment payments and contingent payments will be calculated and paid if and when such
amounts are released directly to the Company or to the Company’s common stock shareholders, as applicable.


 








     14