Document:

EXHIBIT 10.1

THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO,
OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
UNDER THE SECURITIES ACT OF 1933.

Convertible Secured Promissory
Note

	$	11,000,000.00	 	 	November 8, 2016
	 	CPN-2	 	 	Denver, Colorado

 

For value received,
MusclePharm Corporation, a Nevada corporation (the “Company”)
promises to pay to Ryan Drexler or his assigns (the “Holder”) the principal sum of Eleven Million
Dollars ($11,000,000.00), together with interest on the outstanding principal amount at the rate of ten percent (10%)
per annum, provided that, upon and during the continuance of any Event of Default (as defined below), the rate of
interest shall increase to twelve percent (12%) per annum. Interest shall commence on the Issue Date (as defined below) and shall
continue and accrue daily at the applicable rate on the outstanding principal amount until paid in full or converted in accordance
with this note (the “Note”). Interest shall be computed on the basis of a year of 365 days for the actual number
of days elapsed. Accrued and unpaid interest shall be paid by the Company to the Holder in cash on the Maturity Date, provided
that any interest not paid when due shall be capitalized and added to the principal amount of this Note and begin to bear interest
on the Maturity Date along with all other unpaid principal, capitalized interest and other capitalized obligations hereunder. The
“Issue Date” shall be the date on which the Holder remits to the Company or its designees the initial principal amount
of this Note.

This Note is secured
by a lien on and security interest in all of the assets and properties of the Company, as described in the Amended and Restated
Security Agreement of even date herewith by and between the Company and the Holder (the “Security Agreement”).

WHEREAS, the Board
of Directors of the Company (the “Board”) has considered the Settlement (as defined below) to address a significant,
outstanding contingent liability of the Company; and

WHEREAS, after considering
the terms of the Settlement and available alternatives to finance the Settlement, the Board has determined that the Settlement,
and the issuance and sale of this Note to fund the Settlement, are necessary and advisable to ensure the Company’s ability
to operate as a going concern and thereby protect the interests of the Company and its stockholders;

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This Note is subject
to the following terms and conditions:

1.                 
Maturity.

(a)              
Repayment. Unless earlier converted or repaid (as applicable) as provided in Sections 1(b), 2 or 3, all
outstanding principal and any accrued but unpaid interest under this Note (whether or not that interest has been capitalized) (the
“Conversion Amount”) shall be due and payable on November 8, 2017 (as such date may be accelerated, the “Maturity
Date”). Notwithstanding the foregoing, at the option and upon the declaration of the Holder and upon written notice to
the Company, the entire Conversion Amount shall become due and payable upon an Event of Default. An “Event of Default”
shall occur if (i) the Company fails to pay any and all unpaid principal, accrued and unpaid interest and all other amounts owing
under the Note when due and payable pursuant to the terms of the Note, provided, however, that an Event of Default
shall not be deemed to have occurred on account of a failure to pay due solely to an administrative or operational error of any
depositary institution that is crediting by ACH or wiring such payment if the Company had the funds to make the payment when due
and payment is received by the Holder within two (2) business days following the Company’s knowledge of such failure to pay;
(ii) the Company or any of its subsidiaries files any petition or action for relief under any bankruptcy, reorganization, insolvency
or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any general
assignment for the benefit of creditors; (iii) an involuntary petition is filed against the Company or any of its subsidiaries
(unless such petition is dismissed or discharged within forty-five (45) days) under any bankruptcy statute or similar law now or
hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed
to take possession, custody or control of any property of the Company; or (iv) the Company breaches any other material term of
this Note or the Security Agreement (unless, in the case of any curable material breach, such material breach is cured within thirty
(30) days of the earlier of the date on which (x) the Holder has given notice of such breach to the Company and (y) the Company
has actual knowledge of such breach); provided, however, that all obligations under this Note, including without
limitation all principal and all accrued and unpaid interest, shall be accelerated, and shall be immediately and automatically
due and payable without any notice to the Company or other action, upon the occurrence of any Event of Default described in clause
(ii) or (iii) of this sentence.

(b)              
Conversion. The Holder may at any time, and from time to time, in the sole discretion of the Holder, upon written
notice to the Company, elect to convert all or a portion of the Conversion Amount into shares of the Company’s Common Stock,
$0.001 per share (“Common Stock”), at a price per share equal to one dollar and eighty-three cents ($1.83),
rounded down to the nearest whole share.

(c)              
Change of Control. The Company shall not enter into any agreement that would effect, and shall not effect, any Change
of Control (as defined below) unless the Company has provided the Holder with at least fifteen (15) days’ advance written
notice of such Change of Control, including the anticipated consideration to be received by the holders of the Company’s
Common Stock, and has otherwise provided the Holder with a meaningful opportunity to 

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exercise its conversion rights hereunder prior
to the consummation of such Change of Control; provided, that, the Holder shall maintain the confidentiality of any information
provided to it pursuant to this paragraph. The term “Change of Control” means (i) a sale of all or substantially
all of the Company’s assets other than to an Excluded Entity (as defined below), (ii) a merger, consolidation or other capital
reorganization or business combination transaction of the Company with or into another corporation, limited liability company or
other entity other than an Excluded Entity, in each case pursuant to which the stockholders of the Company immediately prior to
such merger, consolidation or other capital reorganization or business combination transaction own less than fifty percent (50%)
of the voting interests in the surviving or resulting entity, or (iii) the consummation of a transaction, or series of related
transactions, in which any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) becomes the “beneficial owner” (as defined in Rule 13d-3
of the Exchange Act), directly or indirectly, of all of the Company’s then outstanding voting capital stock. Notwithstanding
the foregoing, a transaction shall not constitute a Change of Control if its purpose is to (A) change the jurisdiction of the Company’s
incorporation or (B) create a holding company that will be owned in substantially the same proportions by the persons who hold
the Company’s voting capital stock immediately before such transaction. An “Excluded Entity” means a corporation
or other entity of which the holders of voting capital stock of the Company outstanding immediately prior to such transaction directly
or indirectly beneficially own voting capital stock representing at least a majority of the votes entitled to be cast by all of
such corporation’s or other entity’s voting securities outstanding immediately after such transaction.

2.                 
Mechanics and Effect of Conversion. 

(a)              
Effectiveness of Conversion. Upon conversion of this Note, the Company will be forever released from all of its obligations
and liabilities under this Note with respect to that portion of the Conversion Amount being converted, including without limitation
the obligation to repay such portion of the principal amount and accrued and unpaid interest. Any interest accrued on the applicable
portion of the principal amount of this Note that is not simultaneously converted into Common Stock by reason of such conversion
shall be repaid upon demand by the Holder. Upon conversion of this Note, the Company shall take all such actions as are necessary
in order to ensure that the Common Stock issuable with respect to such conversion shall be validly issued, fully paid and nonassessable.

(b)              
Issuance of Certificates. Upon conversion of this Note, the Holder shall surrender this Note, duly endorsed, at the
principal offices of the Company or any transfer agent of the Company. At its expense, the Company shall, as soon as practicable
thereafter, issue and deliver to such Holder, at such principal office, a certificate or certificates for the number of shares
of Common Stock to which such Holder is entitled upon such conversion, together with any other securities and property to which
the Holder is entitled upon such conversion under the terms of this Note, including a check payable to the Holder for any cash
amounts payable as described herein. Upon any partial conversion of this Note, a new Note containing the same date and provisions
of this Note shall, at the request of the Holder, be issued by the Company to the Holder for the principal balance of this Note
and interest which shall not have been converted or paid.

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(c)              
Fractional Shares. No fractional shares of the Company’s Common Stock will be issued upon conversion of this
Note. If any fractional share of Common Stock would, except for the provisions hereof, be deliverable upon conversion of this Note,
the Company, in lieu of delivering such fractional share, shall pay an amount in cash equal to the value of such fractional share,
as determined by the per share conversion price used to effect such conversion.

3.                 
Payment; Prepayment. All payments shall be made in lawful money of the United States of America at such place as
the Holder hereof may from time to time designate in writing to the Company. Payment shall be credited first to any fees and expenses
due and payable hereunder, then to accrued and unpaid interest, and then the remainder shall be applied to principal. The Company
may prepay this Note in whole or in part at any time following at least fifteen (15) and no more than sixty (60) days’ advance
written notice to the Holder, provided that the Holder shall retain all rights of conversion until the date of repayment,
notwithstanding the pendency of any prepayment notice.

4.                 
Adjustment Provisions. If after the Issue Date the Company shall make or issue, or shall fix a record date for the
determination of eligible holders of its capital stock entitled to receive, a dividend or other distribution payable with respect
to the Common Stock that is payable in securities of the Company, assets (including cash), or rights or warrants to purchase shares
of Common Stock or securities convertible into shares of Common Stock (each, a “Dividend Event”), and such dividend
or other distribution is actually made, then, and in each such case, the Holder, upon conversion of all or a portion of the Conversion
Amount into shares of Common Stock at any time after such Dividend Event, shall receive, in addition to the Common Stock issuable
upon such conversion of the Note, the securities or other assets, rights or warrants that would have been issuable to the Holder
had the Holder, immediately prior to such Dividend Event, converted such Conversion Amount into Common Stock.

5.                 
Covenants.

(a)              
Restrictions on Additional Indebtedness and Liens and Subordination. The Company may not incur or suffer to exist
any Indebtedness (as defined below) other than Permitted Indebtedness (as defined below) or any Lien (as defined below) other than
Permitted Liens (as defined below).

(i)                
“Indebtedness” shall mean any and all indebtedness for borrowed money; all obligations in respect of
any deferred purchase price; all obligations in respect of capital leases; all reimbursement obligations in respect of letters
of credit, surety bonds and similar instruments; all obligations evidenced by notes, bonds, loan agreements, debentures and similar
instruments; and all guarantee obligations and contingent obligations in respect of any of the foregoing.

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(ii)             
“Permitted Indebtedness” shall mean (a) Indebtedness evidenced by this Note and by that existing Convertible
Secured Promissory Note dated December 7, 2015, issued by the Company in favor of the Holder (the “Prior Note”);
(b) Indebtedness in respect of taxes, fees, assessments or other governmental charges or levies, either not delinquent or being
contested in good faith by appropriate proceedings; provided, that Company maintains adequate reserves therefor;
(c) Indebtedness existing as of the date hereof and set forth on the schedule of Permitted Indebtedness attached hereto, or pursuant
to an instrument set forth on such schedule; (d) Indebtedness to trade creditors (including suppliers) incurred in the ordinary
course of business, including Indebtedness incurred in the ordinary course of business with corporate credit cards; (e) extensions,
refinancings, repayment and renewals of the obligations under the Note or the Prior Note and under any Permitted Indebtedness described
in clause (d) above, provided that the principal amount is not increased or the terms modified to impose materially
more burdensome terms upon the Company, and (f) Subordinated Indebtedness incurred after the date of this Note and approved by
a majority of the Board of Directors of the Company.

(iii)           
“Subordinated Indebtedness” means secured and/or unsecured Indebtedness expressly subordinated to the
obligations of the Company to the Holder hereunder, under the Prior Note and under the Security Agreement, including in payment
and lien priority.

(iv)            
“Lien” shall mean any lien, claim, encumbrance or similar interest in or on any asset, including without
limitation any security interest or mortgage.

(v)              
“Permitted Lien” shall mean (a) Liens securing Indebtedness evidenced by this Note and the Prior Note;
(b) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good
faith by appropriate proceedings, provided that the Company maintains adequate reserves therefor; (c) claims of materialmen,
mechanics, carriers, warehousemen, processors or landlords arising out of operation of law so long as the obligations secured thereby
(i) are not past due or (ii) are being properly contested and for which the Company has established adequate reserves; (d) liens
consisting of deposits or pledges made in the ordinary course of business in connection with workers’ compensation, unemployment
insurance, social security and similar laws; (e) liens on equipment (including capital leases) to secure purchase money Indebtedness
existing as of the date hereof, or any permitted refinancing thereof, so long as such security interests do not apply to any property
of the Company other than the equipment so acquired, and the Indebtedness secured thereby does not exceed the cost of such equipment,
and provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing
Lien and the principal amount of the Indebtedness being extended, renewed, or refinanced (as may have been reduced by any payment
thereon) does not increase; and (f) liens on accounts, inventory, machinery, equipment, instruments, documents, chattel paper,
general intangibles and other assets to secure purchase money Indebtedness under agreements set forth on the schedule of Permitted
Indebtedness attached hereto.

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(b)              
Use of Proceeds. The proceeds from the issuance and sale of this Note shall be used only to pay amounts due in connection
with the settlement of the Company’s dispute with FHG Corporation d/b/a Capstone Nutrition (the “Settlement”)
and as may otherwise be agreed by the Holder and the Company.

6.                 
Transfer; Successors and Assigns. The terms and conditions of this Note shall inure to the benefit of and be binding
upon the respective successors and assigns of the Company and the Holder. Notwithstanding the foregoing, the Holder may not assign,
pledge or otherwise transfer this Note without the prior written consent of the Company. Subject to the preceding sentence, this
Note may be transferred only upon surrender of the original Note for registration of transfer, duly endorsed, or accompanied by
a duly executed written instrument of transfer in form satisfactory to the Company. Thereupon, a new note for the same principal
amount and interest will be issued to, and registered in the name of, the transferee. Interest and principal are payable only to
the registered holder of this Note.

7.                 
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of New York
(without giving effect to any conflict of laws principles that would require application of the laws of another jurisdiction other
than Section 5-1401 of the General Obligations Law of the State of New York.).

8.                 
Jurisdiction. Each of the Company and the Holder irrevocably submits to the jurisdiction of the courts of the State
of New York and of the United States sitting in the State of New York, and of the courts of its own corporate domicile with respect
to actions or proceedings brought against it as a defendant, for purposes of all proceedings. Each of the Company and the Holder
irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue
of any proceeding and any claim that any proceeding has been brought in an inconvenient forum. Any process or summons for purposes
of any proceeding may be served on the Company or the Holder, as applicable, by mailing a copy thereof by registered mail, or a
form of mail substantially equivalent thereto, addressed to it at its address as provided for notices under this Note.

9.                 
Waiver of Jury Trial. Each of the Company and the Holder hereby irrevocably waives any and all right to trial
by jury in any proceeding.

10.             
Notices. Any notice required or permitted by this Note shall be in writing and shall be deemed sufficient when delivered
personally or by overnight courier or sent by email or fax (upon customary confirmation of receipt), or forty-eight (48) hours
after being deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified
at such party’s address or fax number as set forth on the signature page, as subsequently modified by written notice, or
if no address is specified on the signature page, at the most recent address set forth in the Company’s books and records;
provided, that, any notice to the Company by the Holder also shall be provided to the Board of Directors.

11.             
Amendments and Waivers. Any term of this Note may be amended only with the written consent of the Company and the
Holder. Any amendment or waiver effected in accordance herewith shall be binding upon the Company, the Holder and each transferee
of this Note.

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12.             
Entire Agreement. This Note, together with the Security Agreement, constitutes the entire agreement between the Company
and the Holder pertaining to the subject matter hereof, and any and all other written or oral agreements existing between the Company
and the Holder are expressly canceled.

13.             
Counterparts. This Note may be executed in any number of counterparts, each of which will be deemed to be an original
and all of which together will constitute a single agreement.

14.             
Action to Collect on Note. The Company promises to pay all costs and expenses, including reasonable attorney’s
fees, incurred in connection with the collection or enforcement of this Note or any obligation hereunder, including without limitation
during or in the context of any bankruptcy, receivership, trusteeship, reorganization or insolvency proceeding or other proceeding
under any other law for the relief of, or relating to, debtors, now or hereafter in effect, and all such amounts shall be payable
on demand (or, if the Holder is prevented by applicable law from making demand, as and when incurred by the Holder) and, if not
paid when due, shall be capitalized and become part of the principal amount of this Note, and interest shall accrue thereon as
set forth for other principal amounts under this Note.

15.             
Loss of Note. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation
of this Note or any Note exchanged for it, and indemnity satisfactory to the Company (in case of loss, theft or destruction) or
surrender and cancellation of such Note (in the case of mutilation), the Company will make and deliver in lieu of such Note a new
Note of like tenor.

16.             
Interest Rate Limitation. Notwithstanding anything to the contrary contained herein, the interest paid or agreed
to be paid under this Note shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum
Rate”). If the Holder shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be
applied to the principal amount remaining owed under this Note or, if it exceeds such unpaid principal amount, refunded to the
Company. In determining whether the interest contracted for, charged, or received by the Holder exceeds the Maximum Rate, the Holder
may, to the extent permitted by applicable law, (i) characterize any payment that is not principal as an expense, fee, or premium
rather than interest, (ii) exclude voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate and spread
in equal or unequal parts the total amount of interest throughout the contemplated term of this Note.

17.             
Indemnification. The Company shall, to the fullest extent permitted by law, indemnify (but only to the extent of
and out of Company assets) the Holder against all reasonable expenses (including reasonable attorneys’ fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by the Holder in connection with any claim, action, suit
or proceeding, whether civil, criminal, administrative or investigative, before or by any court or any administrative or legislative
body or authority, in which the Holder is involved, as a party or otherwise, or with which the Holder may be threatened, arising
in connection with this Note, the Prior Note or the Security Agreement (each, an “Action”), except to the extent
the same has been

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 finally adjudicated to constitute fraud, gross negligence or willful misconduct of the Holder or a breach by
the Holder of this Note, the Prior Note or the Security Agreement. Promptly after receipt by the Holder of notice of the commencement
or threatened commencement against it of any third party Action, the Holder will notify the Company. The Company will be entitled
to assume the defense of the Action unless the Holder shall have reasonably concluded that a conflict may exist between the Company
and the Holder in conducting the defense of the Action. If the Company assumes the defense of any Action in accordance with the
provisions of this Section, it will not be liable to the Holder for any legal or other expenses subsequently separately incurred
by the Holder in connection with the defense of such Action. The Company shall not be liable for any settlement of a third-party
Action effected without its written consent, which consent may not be unreasonably withheld.

18.             
Severability. In the event that any provision of this Note is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision of this Note.

17.       Funding
Date. This Note has been entered into by the parties on November 8, 2016. On or prior to the fourth business day after the
date hereof, the Holder shall remit to the Company or its designees the initial principal amount of this Note.

[Remainder of Page
Intentionally Left Blank]

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IN WITNESS WHEREOF,
the Company has caused this Convertible Secured Promissory Note to be executed as of the date indicated herein.

MusclePharm Corporation

By:/s/ Maria Gorecki

Name: Maria Gorecki

Title: General CounselEXHIBIT 10.2

Amended and Restated
Security Agreement

This Amended and Restated Security Agreement (this
“Agreement”), dated as of November 8, 2016, is entered into between Ryan Drexler, an individual (“Grantee”),
and MusclePharm Corporation, a Nevada corporation, as grantor (“Grantor”).

Background

WHEREAS, Grantor and Grantee have entered into (i) a Convertible
Secured Promissory Note dated as of December 3, 2015 (as amended, restated, or otherwise modified from time to time, the “2015
Note”) and (ii) a Convertible Secured Promissory Note dated as of November 8, 2016 (as amended, restated, or otherwise
modified from time to time, the “2016 Note”, and together with the 2015 Note, the “Notes”);

WHEREAS, as a condition precedent to the advancement of
funds to Grantor under the 2015 Note, on December 3, 2015, Grantor entered into a Security Agreement with Grantee pursuant to which
Grantor granted the security interests contemplated by this Agreement as security for the Secured Obligations (as defined therein)
(the “Existing Security Agreement”);

WHEREAS, as a condition precedent to the advancement of
funds to Grantor under the 2016 Note, the parties now desire to amend and restate the Existing Security Agreement to grant a further
security interest in respect of the obligations under the 2016 Note;

WHEREAS, the Board of Directors of Grantor (the “Board”)
has considered the Settlement (as defined in the 2016 Note) to address a significant, outstanding contingent liability of Grantor;
and

WHEREAS, after considering the terms of the Settlement
and available alternatives to finance the Settlement, the Board has determined that the Settlement, the issuance and sale of the
2016 Note to fund the Settlement and the entry into this Agreement to secure the 2016 Note are necessary and advisable to ensure
Grantor’s ability to operate as a going concern and thereby protect the interests of Grantor and its stockholders.

 

Agreement

Grantor hereby agrees, for the benefit
of Grantee, as follows:

ARTICLE
I

Certain Definitions

Section
1.01.       
Definitions.

The terms “Account,”
“Equipment,” “Inventory,” and “Proceeds” shall have the meanings ascribed
to such terms in the UCC.

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As used herein:

“Collateral” shall
have the meaning set forth in Section 2.01.

“Dispute” means
any pending, decided or settled opposition, injunction, action, claim, counterclaim, lawsuit, proceeding, hearing, investigation,
complaint, arbitration, mediation, demand, decree or formal enquiry, or any other dispute, disagreement, or claim of any kind.

“Excluded Property”
means (i) any permit, license, contract or lease to the extent that (and in each case only for so long as) such grant of a security
interest therein or assignment thereof is prohibited by any applicable laws or is prohibited by, or constitutes a breach or default
under or results in the termination of or gives rise to a right on the part of the parties thereto other than Grantor to terminate,
such permit, license, contract or lease, except to the extent that such laws or the term in such permit, license, contract or lease
providing for such prohibition, breach, default or right of termination are ineffective or rendered unenforceable under applicable
laws (including the UCC), and (ii) any property owned by Grantor on the date hereof or hereafter acquired that is subject to a
lien permitted to be incurred pursuant to clause (e) of the definition of Permitted Liens contained in a Note.

“Governmental Authority”
means the government of the United States or any other country, any state or other political subdivision thereof, any supranational
or multinational authority, and any entity, body or authority exercising executive, legislative, judicial, regulatory or administrative
functions of, or pertaining to, any of the foregoing.

“Intellectual Property”
means (a) any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship
and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now
or hereafter existing, created, acquired or held (collectively, the “Copyrights”); (b) any and all trade secrets,
and any and all intellectual property rights in computer software and computer software products now or hereafter existing, created,
acquired or held; (c) any and all design rights that may be available, now or hereafter existing, created, acquired or held; (d)
all patents, patent applications and like protections including, without limitation, improvements, divisions, continuations, renewals,
reissues, extensions and continuations-in-part of the same (collectively, the “Patents”); (e) any trademark
and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections,
and the entire goodwill connected with and symbolized by such trademarks, other than any intent-to-use United States trademark
applications for which an amendment to allege use or statement of use has not been filed under 15 U.S.C. § 1051I or 15
U.S.C. § 1051(d), respectively, or if filed, has not been deemed in conformance with 15 U.S.C. § 1051(a) or
examined and accepted, respectively, by the United States Patent and Trademark Office, provided that, upon such filing and
acceptance, such intent-to-use applications shall be included in the definition of Collateral (collectively, the “Trademarks”);
(f) all mask work registrations or applications therefor or similar rights, now owned or hereafter acquired (collectively, the
“Mask Works”); (g) any and all claims for damages by way of past, present and future infringements of any of
the rights included above, with the right, but not the obligation, to sue for and collect such damages for said use or infringement
of the intellectual property rights identified above; (h) all licenses or other rights to use any of the Copyrights, Patents, Trademarks,
or Mask Works and all license fees and royalties arising from such use to the extent permitted by such license or rights; (i) all
amendments, extensions, renewals and extensions of any of the Copyrights, Trademarks, Patents, 

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or Mask Works; and (j) all proceeds
and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty payable in
respect of any of the foregoing.

“Secured Obligations”
means all obligations of Grantor under or in respect of each Note and this Agreement.

“UCC” means the
Uniform Commercial Code as in effect on the date hereof in the State of New York, as amended from time to time, and any successor
statute; provided that if by reason of mandatory provision of law, the perfection or the effect of perfection or non-perfection
of the security interest in the Collateral is governed by the Uniform Commercial Code of another jurisdiction, “UCC”
means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provision hereof relating to such
perfection or effect of perfection or non-perfection.

Section
1.02.       
Note Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Agreement, including its preamble and recitals, have the meanings provided in the
Notes. 

Section
1.03.       
UCC Definitions. Unless otherwise defined herein or the
context otherwise requires, terms for which meanings are provided in the UCC are used in this Agreement, including its preamble
and recitals, with such meanings; provided, however, that the term “instrument” shall be such term as defined in Article
9 of the UCC rather than Article 3 of the UCC. 

Section
1.04.       
Interpretation; Headings. Each term used in any exhibit
to this Agreement and defined in this Agreement but not defined therein shall have the meaning set forth in this Agreement. Unless
the context otherwise requires, (i) “including” means “including, without limitation” and (ii) words
in the singular include the plural and words in the plural include the singular. A reference to any party to this Agreement, the
Notes, or any other agreement or document shall include such party’s successors and permitted assigns. A reference to any
agreement or order shall include any amendment of such agreement or order from time to time in accordance with the terms hereof
and thereof. A reference to any legislation, to any provision of any legislation or to any regulation issued thereunder shall include
any amendment thereto, any modification or re-enactment thereof, any legislative provision or regulation substituted therefor and
all regulations and statutory instruments issued thereunder or pursuant thereto. The headings contained in this Agreement are for
convenience and reference only and do not form a part of this Agreement. Section, article and exhibit references in this Agreement
refer to sections or articles of, or exhibits to, this Agreement unless otherwise specified.

ARTICLE
II

Security Interest

Section
2.01.       
Grant of Security Interest.

(a)               
As collateral security for the Secured Obligations, Grantor hereby grants to Grantee a continuing
Lien on and a continuing first priority security interest in and lien and mortgage on all of Grantor’s and Grantor’s
subsidiaries’ right, title, and interest in each and all of its assets and properties, wherever the same may be now or hereafter
located, whether now owned by or owing to, or hereafter existing or hereafter acquired by or arising in favor of, Grantor or its
subsidiaries

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 (including under any trade name or derivations thereof), whether tangible or intangible, and all products and Proceeds
thereof (together, the “Collateral”), including all of the following and all products and Proceeds thereof:

(i)                
all Intellectual Property (the “Intellectual Property Collateral”);

(ii)              
all goods and Equipment, including all laboratory equipment, computer equipment, office
equipment, machinery, fixtures, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing, and
all attachments, accessories, accessions, replacements, substitutions, additions, and improvements to any of the foregoing, wherever
located; 

(iii)            
all Inventory, including all merchandise, raw materials, parts, supplies, packing and shipping
materials, work in process and finished products including such inventory as is temporarily out of Grantor’s custody or possession
or in transit and including any returns upon any accounts or other proceeds, including insurance proceeds, resulting from the sale
or disposition of any of the foregoing and any documents of title representing any of the above, and Grantor’s books relating
to any of the foregoing;

(iv)            
all Accounts (including healthcare receivables), all contract rights or rights to payment
of money, leases, license agreements, franchise agreements, commercial tort claims, documents, instruments (including any promissory
notes), chattel paper (whether tangible or electronic), cash and cash equivalents, insurance policy claims and proceeds, all general
intangibles (including payment intangibles), all letters of credit, certificates of deposit, letters of credit rights (whether
or not the letter of credit is evidenced by a writing), securities, material intercompany notes, and all other investment property,
supporting obligations, and financial assets, in each case, unless otherwise defined in this Agreement, as defined in the UCC;

(v)              
all books, records, databases, customer lists, credit files, computer files, programs, printouts
and other computer materials and records, and all other information relating to the foregoing and any general intangibles at any
time evidencing or relating to any of the foregoing; and 

(vi)            
any and all claims, rights and interests in any of the above and all substitutions for,
additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds
of any or all of the foregoing.

(b)              
With respect to the Intellectual Property Collateral, Grantor hereby grants to Grantee all
of Grantor's and Grantor’s subsidiaries’ right, title and interest in, to and under the Intellectual Property Collateral,
including, without limitation, the following:

(i)                
Any and all claims for damages by way of past, present and future infringements of any of
the rights in the Intellectual Property Collateral, with the right, but not the obligation, to sue for and collect such damages
for said use or infringement of the rights in the Intellectual Property Collateral;

(ii)              
All licenses or other rights to use any of the Intellectual Property Collateral and all
license fees and royalties arising from such use to the extent permitted by such license or rights;

     4

     

    

(iii)            
All amendments, extensions, renewals and extensions of any of the Intellectual Property
Collateral; and

(iv)            
All proceeds and products of the Intellectual Property Collateral, including without limitation
all payments under insurance or any indemnity or warranty payable in respect of any of the foregoing.

Notwithstanding the foregoing, in no
event shall the Collateral include any Excluded Property; provided that, notwithstanding the foregoing, a security interest shall
be, and is hereby, granted in (A) any property immediately upon such property ceasing to be Excluded Property and (B) any and all
proceeds, products, substitutions and replacements of Excluded Property to the extent such proceeds, products, substitutions and
replacements do not themselves constitute Excluded Property.

(c)               
Grantor shall, and shall cause its subsidiaries to, take such commercially reasonable steps
as Grantee reasonably requests in writing to obtain the consent of, or waiver by, any person whose consent or waiver is necessary,
by contract or law, for the grant of the security interest in the Collateral or any portion thereof, including any license or other
contract, whether now existing or entered into in the future.

Section
2.02.       
Continuing Security Interest.

(a)               
This Agreement creates a continuing security interest in the Collateral and shall: (i) remain
in full force and effect until the date on which the Secured Obligations are paid and performed in full; (ii) be binding upon Grantor
and its successors, transferees and assigns; and (iii) inure, together with the rights and remedies of Grantee, to the benefit
of Grantee and its successors and assigns.

(b)              
Grantee shall have all rights to perfect, continue, maintain, and protect Grantee’s
interest and rights under each Note.

(c)               
Upon the date on which the Secured Obligations are paid and performed in full, the security
interest granted herein shall automatically terminate and all rights to the Collateral, in each case to the extent the Collateral
has not been previously disposed of or dealt with in accordance with this Agreement or otherwise, shall revert to Grantor. Upon
any such termination, and from time to time following such termination, Grantee will, at Grantor’s sole expense, promptly
execute and deliver to Grantor such instruments and documents necessary and as Grantor shall reasonably request to evidence such
termination. 

Section
2.03.       
Grantor Remains Liable. Anything herein to the contrary
notwithstanding: (a) Grantor shall remain liable under the contracts included in the Collateral to the extent set forth therein
and as to all other Collateral, and shall perform all of its duties and obligations under such contracts and other Collateral to
the same extent as if this Agreement had not been executed; (b) the exercise by Grantee of any of its rights and remedies hereunder
shall not operate to release Grantor from any of its duties or obligations under any contracts included in the Collateral and as
to any other Collateral; and (c) Grantee shall not have any obligation or liability under any such contracts included in the Collateral
or as to any other Collateral by reason of this Agreement, and Grantee shall not be obligated to perform or fulfill any of the
obligations or duties of Grantor thereunder or to take

     5

     

    

 any action to collect or to (i)  make any inquiry as to the nature
or sufficiency of any payment Grantor may be entitled to receive thereunder, (ii) present or file and claim or (iii) enforce
any claim for payment assigned hereunder.

Section
2.04.       
Authorization to File Financing Statements.

(a)               
Grantor hereby irrevocably appoints Grantee its attorney-in-fact and authorizes Grantee
at any time and from time to time, without notice to Grantor, to file in any UCC jurisdiction or other appropriate location any
financing statements or other appropriate documents and any amendments thereto and continuations thereof that: (i) describe or
indicate the Collateral (x) as all assets of Grantor or words of similar effect, regardless of whether any particular asset
comprised in the Collateral falls within the scope of Article 9 of the UCC or such jurisdiction, or (y) with greater detail;
and (ii) contain any other information required by Article 9 of the UCC or other applicable law or as otherwise appropriate
for the sufficiency or filing office acceptance of any financing statement or other document or amendment or continuation, including,
as applicable, whether Grantor is an organization, the type of organization and any organization identification number issued to
Grantor. 

(b)              
Grantor agrees to furnish any such information required for purposes of Section 2.04(a)
to Grantee promptly upon request.

Section
2.05.       
Recordation. Grantor authorizes the Commissioner for Patents,
the Commissioner for Trademarks and the Register of Copyrights and any other government officials to record and register this Agreement
upon request by Grantee.

Section
2.06.       
Other Actions. Without limiting any other obligations
of Grantor in respect of the Collateral set forth herein or in the Notes, Grantor hereby agrees to take any action reasonably requested
by Grantee to effect the attachment, perfection and first priority of (subject to any Permitted Liens (as such term is defined
in the applicable Note)), and the ability of Grantee to enforce, Grantee’s security interest in any and all of the Collateral
(and to pay all reasonable documented out-of-pocket expenses incurred in connection therewith), including any of the following:
(a) comply with any provision of any law as to any Collateral if compliance with such provision is a condition to attachment, perfection
or priority of, or ability of Grantee to enforce, Grantee’s security interest in any material portion of the Collateral;
(b) obtain Governmental Authority and all other third party consents and approvals, including without limitation any consent of
any licensor, lessor or other person obligated on the Collateral, to the extent such consent or approval is a condition to attachment,
perfection or priority of, or ability of Grantee to enforce, Grantee’s security interest in any material portion of the Collateral;
(c) furnish to Grantee, from time to time, statements and schedules further identifying and describing the Collateral and such
other reports in connection with the Collateral as Grantee may reasonably request, and all in reasonable detail; and (d) at Grantee’s
request, appear in and defend any Dispute that may affect Grantor’s title to or Grantee’s security interest in any
material portion of the Collateral.

ARTICLE
III

Representations and Warranties

Grantor represents and warrants to
Grantee as follows:

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Section
3.01.       
Grantor’s Legal Status. (a) Except as set forth
in Schedule 3.01, Grantor’s exact legal name is that indicated in the preamble hereto, Grantor has not, during the past five
years, been known by or used any other corporate or fictitious name, nor been a party to any merger, acquisition or consolidation;
and (b) Grantor is an organization of the type and organized in the jurisdiction set forth in the preamble hereto.

Section
3.02.       
Ownership; No Liens. Grantor owns the Collateral free
and clear of any liens, security interests, or other encumbrances, except for the security interest created by this Agreement and
any Permitted Liens. No effective security agreement, financing statement, assignment, equivalent security, lien or other instrument
similar in effect covering all or any part of the Collateral is on file or of record in any public office, except such as may have
been filed in favor of Grantee relating to this Agreement or in connection with any Permitted Liens.

Section
3.03.       
Validity.

(a)               
Except as set forth on Schedule 3.03, Grantor has good title to, has rights in, and has
the power to transfer each item of the Collateral, free and clear of any and all liens, security interests, and other encumbrances
except any Permitted Liens, and has full power and authority to grant to Grantee the security interest in such Collateral pursuant
to this Agreement. 

(b)              
Subject to Permitted Liens, this Agreement creates a valid security interest in the Collateral
securing the payment and performance in full of the Secured Obligations. Upon filing appropriate financing statements in the applicable
filing offices, all filings, registrations and recordings presently necessary to create and perfect the first priority security
interest granted to Grantee in the Collateral for which a security interest may be perfected by filing will have been taken.

Section
3.04.       
Authorization; Approval. No authorization or approval
by, and no notice to or filing with, any Governmental Authority or any person: (a) is required for the grant by Grantor of the
security interest granted hereby (except as to any later arising or acquired commercial tort claims) or for the execution, delivery,
and performance of this Agreement by Grantor; or (b) is required for the perfection of the security interest of Grantee in the
Collateral or exercise by Grantee of its rights and remedies hereunder, other than the filing of financing statements in the appropriate
offices, to the extent that the security interest in the Collateral can be perfected by the filing of financing statements.

Section
3.05.       
Enforceability. This Agreement is the legal, valid and
binding obligation of Grantor, enforceable against Grantor in accordance with its terms, subject, as to enforcement of remedies,
to bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally or general equitable
principles.

ARTICLE
IV

Covenants

Section
4.01.       
Covenants.

(a)               
For so long as this Agreement shall remain in effect, Grantor hereby covenants and agrees
to abide by and perform all obligations and covenants set forth in the Notes and

     7

     

    

 herein, including, without limitation, the conversion
obligations and restrictions on indebtedness and liens set forth in the Notes.

(b)              
Grantor agrees that it will not interfere with any right, power and remedy of Grantee provided
for in this Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning
of the exercise by Grantee of any one or more of such rights, powers or remedies.

(c)               
Without limiting any of the foregoing covenants, Grantor agrees (i) not to use or permit
any of the Collateral to be used unlawfully in any material respect or in material violation of any provision of the Notes or any
applicable law or any policy of insurance covering the Collateral and (ii) to pay promptly when due all taxes now or hereafter
imposed upon or affecting any of the Collateral.

ARTICLE
V

Rights and Duties of Grantee

Section
5.01.       
Grantee Appointed Attorney-in-Fact.

(a)               
Grantor, on behalf of itself and its subsidiaries, hereby irrevocably appoints Grantee (and
each of Grantee’s designees) as Grantor’s and such subsidiaries’ true and lawful attorney-in-fact, with full
authority and power in the place and stead of Grantor and such subsidiaries and in the name of Grantor, such subsidiaries, Grantee
or otherwise, from time to time in Grantee’s discretion from and after the occurrence and during the continuation of an Event
of Default, to take any appropriate action and to execute any instrument that Grantee may deem reasonably necessary or advisable
to accomplish the purposes of this Agreement, including: (i) to ask, demand, collect, enforce, sue for, recover, compromise, receive,
and acquit and receipts for monies due and to become due under or in respect of any of the Collateral; (ii) to receive, endorse,
and collect any checks, drafts or other instruments, documents, and chattel paper in connection with clause (a) above; (iii)
to file any claims or take any action or institute any proceedings (or to settle, adjust or compromise any such proceeding) that
Grantee may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of Grantee
with respect to any of the Collateral; (iv) to perform the affirmative obligations of Grantor hereunder; (v) to execute and deliver,
for and on behalf of Grantor and such subsidiaries, any and all instruments, documents, agreements, and other writings necessary
or advisable for the exercise on behalf of Grantor and its subsidiaries of any rights, benefits or options created or existing
under or pursuant to the Collateral (including but not limited to executing and delivering to any Governmental Authority any correspondence
or other documentation necessary or advisable to effect a transfer of any regulatory approval); and (vi) to execute endorsements,
assignments, or other instruments of transfer with respect to the Collateral. 

(b)              
Notwithstanding the foregoing, Grantee shall not be obligated to and shall have no liability
to Grantor or any third party for failure to take any of the actions described in Section 5.01(a).

(c)               
Grantor hereby acknowledges, consents and agrees that the power of attorney granted pursuant
to this Section 5.01 is irrevocable and coupled with an interest. 

     8

     

    

Section
5.02.       
Grantee May Perform. If Grantor fails to perform any agreement
or covenant contained herein, Grantee may itself (but shall not be obliged to) perform, or cause performance of, such agreement
or covenant, and in connection therewith Grantee shall be entitled to act as Grantor’s true and lawful attorney-in-fact and
with the full benefits of Section 5.01 hereof.

ARTICLE
VI

Remedies

Section
6.01.       
Certain Remedies. If any Event of Default shall have occurred
and is continuing: (a) Grantee may exercise in respect of the Collateral, in addition to other rights available to it at law or
in equity or otherwise, or under any Note, all the rights and remedies of a secured party on default under the UCC (whether or
not the UCC applies to the affected Collateral) or any other applicable law, and also may: (i) require Grantor to, and Grantor
hereby agrees that it shall, at Grantor’s expense and promptly upon request of Grantee, assemble all or part of the Collateral
as directed by Grantee and make it available to Grantee at a place to be designated by Grantee that is reasonably convenient to
both parties; (ii) exercise any and all rights and remedies of Grantor under or in connection with the Collateral; (iii) foreclose
or otherwise enforce Grantee’s security interest in any manner permitted by law or provided for in this Agreement, and sell
any of all of the Collateral in any commercially reasonable manner; and (iv) without notice or demand of legal process, all of
which are hereby expressly waived by Grantor, enter into property where any of the Collateral is located and take possession thereof;
provided, however, that notwithstanding the foregoing, Grantee may transfer the Collateral or any portion thereof without any preparation
or processing; and (b) Grantor, on behalf of itself and its subsidiaries, specifically waives (to the extent permitted by law)
all rights of redemption, stay or appraisal which it has or may have under any law now existing or hereafter adopted.

     9

     

    

ARTICLE
VII

Miscellaneous

Section
7.01.       
Assignments. Grantor and Grantee shall not be permitted
to assign this Agreement without the prior written consent of the other party and any purported assignment in violation of this
Section 7.01 shall be null and void. 

Section
7.02.       
Successors and Assigns. The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

Section
7.03.       
Notices. All notices and other communications shall be
given as set forth in the applicable Note.

Section
7.04.       
Entire Agreement. This Agreement and the Notes contain
the entire agreement between the Parties relating to the subject matter hereof and supersede all oral statements and prior writings
with respect thereto.

Section
7.05.       
Modification. No provision hereof may be amended or modified
except by an agreement or agreements in writing executed by Grantor and Grantee. 

Section
7.06.       
No Delay; Waivers; etc.

(a)               
No failure to exercise and no delay in the exercise, on the part of Grantee, of any right,
remedy, power or privilege hereunder and no course of dealing with respect thereto shall impair such right, remedy, power or privilege
or be construed to or operate as a waiver thereof, nor shall any single or partial exercise of any power or right hereunder preclude
other or further exercise thereof or the exercise of any other right, remedy, power or privilege. Grantee shall not be deemed to
have waived any rights hereunder unless such waiver shall be in writing and signed by Grantee.

(b)              
Grantor waives any right to require Grantee to proceed against any person or to exhaust
any of the Collateral or to pursue any remedy in such Grantee’s power.

(c)              
Notwithstanding anything to the contrary herein, the Grantee agrees and acknowledges that any Permitted Indebtedness under
the 2016 Note shall constitute Permitted Indebtedness under the 2015 Note and waives any breach or default arising out of any Permitted
Indebtedness incurred after the date of the 2015 Note.

     10

     

    

Section
7.07.       
Severability. If any provision of this Agreement shall
be held to be invalid, illegal or unenforceable, then, to the fullest extent permitted by law, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

Section
7.08.       
Governing Law. This Agreement and the Notes shall be governed
by and construed in accordance with the laws of the State of New York (without giving effect to any conflict of laws principles
that would require application of the laws of another jurisdiction other than Section 5-1401 of the General Obligations Law of
the State of New York.).

Section
7.09.       
Jurisdiction. Grantor irrevocably submits to the jurisdiction
of the courts of the State of New York and of the United States sitting in the State of New York, and of the courts of its own
corporate domicile with respect to actions or proceedings brought against it as a defendant, for purposes of all proceedings. Grantor
irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue
of any proceeding and any claim that any proceeding has been brought in an inconvenient forum. Any process or summons for purposes
of any proceeding may be served on Grantor by mailing a copy thereof by registered mail, or a form of mail substantially equivalent
thereto, addressed to it at its address as provided for notices under the applicable Note.

Section
7.10.       
Waiver of Jury Trial. Grantor hereby irrevocably waives
any and all right to trial by jury in any proceeding.

Section
7.11.       
Waiver of Immunity. To the extent that Grantor has or
hereafter may be entitled to claim or may acquire, for itself or any of its assets, any immunity from suit, jurisdiction of any
court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution,
or otherwise) with respect to itself or any of its property, Grantor hereby irrevocably waives such immunity in respect of its
obligations hereunder to the fullest extent permitted by law.

Section
7.12.       
Counterparts; Facsimile Signatures. This Agreement may
be executed and delivered by facsimile signature (including PDF) and in any number of counterparts, each of which shall be deemed
an original but all of which together shall constitute one and the same instrument.

Section
7.13.       
Rights Not Exclusive. The rights, powers and remedies
of Grantee under this Agreement are cumulative and are not exclusive of, and shall be in addition to, all rights, powers and remedies
given to Grantee by virtue of any law and/or the Notes, all of which rights, powers and remedies shall be cumulative and may be
exercised successively or concurrently without impairing Grantee’s security interest in the Collateral.

Section
7.14.     
Indemnification. Grantor shall, to the fullest extent permitted by law, indemnify (but
only to the extent of and out of Grantor assets) Grantee against all reasonable expenses (including reasonable attorneys’
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by Grantee in connection with any claim,
action, suit or proceeding, whether civil, criminal, administrative or investigative, before or by any court or any administrative
or legislative body or authority, in which Grantee is involved, as a party or otherwise, or with which Grantee may be threatened,
arising in connection with the 2015 Note, the 2016 Note or this Agreement (each, an “Action”),
except to the extent the same has been

     11

     

    

 finally adjudicated to constitute fraud, gross negligence or willful misconduct of Grantee
or a breach by Grantee of the Notes or this Agreement. Promptly after receipt by Grantee
of notice of the commencement or threatened commencement against it of any third party Action,
Grantee will notify Grantor. Grantor will be entitled to assume the defense of the Action
unless Grantee shall have reasonably concluded that a conflict may exist between Grantor and Grantee in conducting the defense
of the Action. If Grantor assumes the defense of any Action in accordance with the provisions of this Section, it will not be liable
to Grantee for any legal or other expenses subsequently separately incurred by Grantee in connection with the defense of such Action.
Grantor shall not be liable for any settlement of a third-party Action effected without its written consent, which consent may
not be unreasonably withheld.

Section
7.15.       
Amendment and Restatement. This Agreement amends, restates
and replaces in its entirety the Existing Security Agreement. 

     12

     

    

IN WITNESS WHEREOF, the undersigned
have duly executed this Agreement as of the date first set forth above.

 

Ryan
Drexler, an individual

as Grantee

/s/ Ryan Drexler

Name: Ryan Drexler

 

MusclePharm
Corporation, a Nevada corporation

as Grantor

		By:	/s/ Maria Gorecki

                                         Name:Maria Gorecki

                                         Title: General Counsel

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