Blueprint





 







Exhibit 10.1

 



 


December
13, 2019

 


Troy
Bolotnick


22512
Cantlay Street


West
Hills, CA 91307


 


Dear
Troy,

 


We are
pleased to offer you the position of Chief Operating Officer. Your
annual base compensation will remain $300,000 which will be paid to
you through payroll on a semi-monthly basis one pay period in
arrears. You will also be eligible to participate in
MusclePharm’s Discretionary Bonus Program and are eligible
for an annual bonus up to Three Hundred Thousand Dollars
($300,000). Bonus payments on MusclePharm’s Discretionary
Bonus Program are paid quarterly up to Seventy-Five Thousand
Dollars ($75,000) per quarter and dependent upon the
Company’s financial and mutually agreed upon personal KPI
goals being met. In this position, you will report into the
Company’s CEO.


 





You
remain eligible to participate in the following MusclePharm
benefits:

 


Benefits: Standard MusclePharm provided
benefits for full-time employees, currently include the
following:


 







●

401(k) retirement
account after Six Months of employment with up to a 4% company
match, MusclePharm enrolls eligible employees on a monthly
basis





 





●

Health, Dental,
Vision and Life & Disability Insurance (1st of the month
following start date)





 




●

Three days of sick
leave





 




●

After ninety days
you will accrue up to three (3) weeks of paid vacation for the
first year, then four (4) weeks per year starting the second
year





 




●

US
holidays recognized by MusclePharm are effective
immediately





 






 

1








 





 





Contingent
upon execution of this offer and after the employment start date
which was October 15, 2019, you will also be eligible for the
following benefits:

 







●


You will be granted shares equivalent to Fifty Thousand Dollars
($50,000). The price per share will be determined by the 30-day
trailing average stock price from the first day of employment.
These shares will vest 50% after six months of continuous service,
and the remaining 50% after one year of employment or,
automatically upon majority change of ownership.





 







●

Upon majority
change of ownership of the Company, exclusive of the CEO’s
note conversion, you will receive a change of ownership bonus
equivalent to one (1) year of your annual base salary and one (1)
year of your annual bonus target.





 







●

If terminated
without good cause for the benefit of the Company, and upon the
successful execution of the Company’s standard Release and
Separation Agreement you will receive severance pay in the
following amount:





 




■

One month’s
base salary for every month of employment up to 12 months, with a
minimum of 6 months base salary.





 




●

In the event the
Company terminates this agreement after it has been executed, but
before the employment start date, then MusclePharm agrees to pay a
termination fee. The termination fee will be equivalent to six
months of annual base compensation and following the execution of
Company’s Standard Release Agreement. Once employment has
begun this termination fee is superseded by the severance clause
described herein.





 





This
employment offer shall supersede prior employment agreements and
understandings oral or written, between you and the
Company.


 





Your
employment with MusclePharm is on an “At
Will” basis and, thus, either you or MusclePharm may
terminate the employment relationship at any time, with or without
cause. Additionally, this offer letter does not constitute a
contract of employment, and any or all of the benefits listed above
may be changed from time to time, at the sole discretion of
MusclePharm.


 


Your
new title will become effective December 16, 2019. Please sign
below to accept this offer.

 


Sincerely,

 

/s/ Gloria
Medel





Gloria
Medel


Accounting
Manager / Human Resources Manager



gloria.medel@musclepharm.com


818.899.9952


 


Acceptance
of Job Offer:

 


__/s/
Troy Bolotnick______________

 


Print
Name: _Troy
Bolotnick_______

 


Date:
__December 13,
2019________

 

  





 

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