Document:

EX-10.3

 Exhibit 10.3 

SEPARATION AGREEMENT 

This Separation Agreement (the “Agreement”) is made as of the 21st day of May,
2015 (the “Effective Date”), by and between MusclePharm Corporation (“MusclePharm” or the “Company”), a Nevada corporation, and Mr. Daniel Joseph McClory (“Resigning Director”) (Company and Resigning
Director hereinafter referred to from time to time together as the “Parties”). 
 RECITALS 

WHEREAS, Resigning Director is a member of the board of directors (the “Board”), and certain committees thereof, of the
Company; 
 WHEREAS, Resigning Director has determined to resign as a member of the Board and all committees thereof on which he
currently sits as of the Effective Date, pursuant to the terms and conditions set forth in this Agreement. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals, and the mutual covenants contained herein, and for other good and valuable
consideration, the sufficiency and receipt of which is hereby acknowledged, it is hereby stipulated, consented to and agreed to, by and between the Parties as follows: 

1. Resignation. Simultaneously with the execution and delivery of this Agreement by the Parties, Resigning Director hereby resigns from
the Board and each committee thereof on which he currently sits, effective as of the Effective Date (the “Resignation”). The Resigning Director confirms that his Resignation is not the result of any dispute or disagreement. 

2. Compensation. The Parties hereby mutually agree that Resigning Director will be entitled to be paid and receive all
compensation, at such time as would normally be paid to such Resigning Director in accordance with the ordinary practices of the Company, in the form of all cash and other standard benefits that would have been paid to him (including reimbursement
of verified expenses in accordance with the Company’s policies in effect as of the date hereof) through and including June 30, 2015, as if the Resignation were effective June 30, 2015. 

3. Equity. The Company hereby acknowledges that all of the equity granted to Resigning Director shall remain the property of the
Resigning Director, including the equity granted to Resigning Director in 2014 12,214 shares of restricted stock, all of which have fully vested) and the equity to be granted to Resigning Director in 2015 6,613 shares of restricted stock, which
shall continue to vest, and shall be fully vested, as if Resigning Director had remained a member of the Board through and including June 30, 2015 (the “2015 Equity”). The 2015 Equity will be issued to Resigning Director on or prior
to the third business day following the Effective Date. 

 4. Mutual Non-Disparagement. The Company, on behalf of itself and each of
its directors, officers, agents, executives and employees, hereby agrees not to make any derogatory or disparaging statement about Resigning Director, his performance on the Board or any committee thereof or otherwise. Resigning Director hereby
agrees not to make any derogatory or disparaging statement about the Company, any of its directors, officers, agents, executives, or employees or any of its products. Nothing herein shall prohibit any Party hereto from making any truthful
statements: (a) as required by subpoena or as otherwise required by law; or (b) as required to enforce this Agreement. 
 5.
Covenant Not to Sue. Except as otherwise provided below, the Company hereby covenants and agrees not to sue, initiate, or pursue any causes of action, claims, defenses, requests for relief, contributions, indemnities, lawsuits,
controversies or the like against Resigning Director in connection with Resigning Director’s service as a member of the Board, a member of any committees thereof. Notwithstanding the forgoing, upon notification of the initiation of any action
or lawsuit against the Company (or any of its affiliates) by a third party or any enforcement action brought against the Company by the SEC, FINRA, NASDAQ or other regulatory body (each, a “Third Party Claim”), the Company may take the
following actions: (i) through the requisite legal process, subpoena information from Resigning Director; and (ii) if upon receipt and review of the underlying facts of the Third Party Claim, including information received from Resigning
Director, the Company has concluded, upon the written advice of independent litigation counsel, that Resigning Director’s actions could reasonably be the cause of the claims alleged in such Third Party Claim, the Company may then initiate such
claims, defenses, request for reliefs, contributions, indemnities, causes of actions, lawsuits and controversies against the Resigning Director that the Company believes to have caused such Third Party Claim. Similarly, Resigning Director hereby
covenants and agrees not to sue, initiate, or pursue any causes of action, claims, defenses, requests for relief, contributions, indemnities, lawsuits, controversies or the like against the Company in connection with his service a member of the
Board or any committees thereof; provided that the covenant not to sue as provided by this sentence in favor of the Company shall not be effective in the event that the Company brings an action against Resigning Director. 

6. Confidentiality. The Parties hereby acknowledge and agree to the confidentiality provisions annexed hereto as Exhibit
A. In addition, the Resigning Director agrees that he has no intention of, and will not be, making any filings or disclosures to any third parties, in full compliance with this Section 6. Such measures are reasonable and necessary to
protect the legitimate interests of the Parties, and the Parties received adequate consideration in exchange for agreeing to those restrictions, and as such will abide by those restrictions. 

7. Public Disclosure. The Parties hereby agree that the existence, terms and provisions of this Agreement are confidential. As
such, any public disclosure related in any way to this Agreement and the terms hereof may only be disclosed 1) as required by law, rule or regulation or 2) for purposes of a Form 8-K/press release or other public disclosure or reporting filing, the
language of which will be subject to mutual approval by the Parties in the form attached hereto. 

  
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 8. Director & Officer Indemnification. The Company hereby agrees 1) to
maintain Director & Officer Insurance for Resigning Director, but only to the extent such insurance is provided for other directors of the Company and 2) to provide Resigning Director with the benefit of indemnification and exculpation to
the maximum extent permitted under Nevada law, provided, however, such benefits are not prohibited under the terms of the Director & Officer insurance policy, state or federal law, and otherwise considered against public policy under
applicable Securities and Exchange Commission or securities exchange rules and regulations. 
 9. Covenent Not To Assist or
Communicate with Wynnefield. Resigning Director hereby agrees that he will not assist or communicate with Wynnefield Partners Small Cap Value, L.P. I, Wynnefield Partners Small Cap Value, L.P., Wynnefield Small Cap Value Offshore Fund, Ltd.,
and Wynnefield Capital Inc., Profit Sharing Plan, Inc. (or any of their respective affiliates, managers, successors or assigns, collectively, “Wynnefield”), in any claim, cause of action, lawsuit, or controversy concerning or related to
the Company or any of its officers or directors, except as may be required by law. 
 10. Document Retention. The Company
hereby acknowledges that it has not, and agrees not to submit in the future, any document preservation notice and/or letter relating to Resigning Director to any third party, unless a suit or action is otherwise authorized hereunder, and otherwise
relates to the Agreement or the Resigning Director. 
 11. Attorneys’ Fees. The Company agrees to promptly pay the costs
and expenses of the Resigning Director, including legal fees incurred in connection with this Agreement, not exceeding $8,333.33. 
 12.
No Modification. No amendment or modification to this Agreement shall be valid unless it is contained in writing and signed by both Parties hereto. 

13. Acknowledgements. Each of the Parties hereby acknowledges that: 

 

	 	a)	It/he has read the Agreement, and has full knowledge of the terms and conditions set forth in this Agreement; and 

  

	 	b)	It/he fully and unconditionally consents to the terms of this Agreement; and 

  

	 	c)	It/he has relied wholly on its/his own judgment, and has had the benefit and advice of its/his attorneys, who are the attorneys of the Party’s own choice, as to the execution of the Agreement; and

  

	 	d)	It/he has been afforded the opportunity to negotiate as to any and all terms thereof; and it is executing this Agreement voluntarily, free from any undue influence, coercions, duress, or menace of any kind; and

  

	 	e)	The consideration received by it/him has been actual and adequate; and 

  

	 	f)	Nothing in this Agreement shall be construed as an admission of any wrongdoing on the part of either Party, 

  
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 14. Execution in Counterparts. This Agreement may be executed in multiple
counterparts, with the same effect as if the signatures hereto and thereto were upon the same instrument, and shall be effective when completely executed by all Parties. Each counterpart will be deemed an original which taken together shall
constitute a single document. A facsimiled or scanned and e-mailed signature will have the same binding effect as the original signature. 

15. Entire Agreement. This Agreement constitutes the entire agreement and understanding between the Parties with respect to the
subject matter hereof, and supersedes all prior discussions, negotiations, representations, statements, proposed agreements, agreements, undertakings and understandings, both written and verbal, express or implied, between the Parties with respect
hereto. Except as explicitly set forth in this Agreement, there are no representations, warranties, or inducements, whether oral, written, expressed or implied, that in any way affect or condition the validity of this Agreement or any of its
conditions or terms. All prior negotiations, oral or written, are merged in this Agreement. 
 16. Survival. The
Parties hereby agree that the provisions of this Agreement, including, without limitation, the representations, warranties, covenants and releases made herein, shall survive the execution of this Agreement and the performance by the Parties of their
respective obligations under this Agreement. 
 17. Severability. If any provision in this Agreement shall be adjudged void or
unenforceable, the same shall not affect the validity of this Agreement as a whole. 
 18. No Assignment. No Party shall
assign this Agreement without first obtaining the written consent of the other Party; provided, however, that this Paragraph shall not prohibit any assignment by a Party by merger, consolidation, sale of assets, or operation of law. Subject to the
foregoing, this Agreement shall extend to and be binding upon the Parties, their successors and permitted assigns. 
 19.
Representation of Authority. Any individual signing this Agreement on behalf of an entity represents and warrants that he or she has full authority to do so. The signatories to this Agreement respectively warrant that they are fully
authorized to enter into this Agreement on behalf of their respective entity or individual; that entities which are corporations, partnerships or limited liability companies are duly organized, validly existing and in good standing; and that the
making, execution and performance of this Agreement have been duly approved by the entities’ governing bodies and do not violate any provision of the entity’s respective articles of incorporation, charters, by-laws, or partnership
agreements. 
 20. Cooperation. The Parties agree to cooperate fully with one another in effecting and carrying out the terms
and conditions of this Agreement. The Parties and their associated entities shall execute and deliver such other instruments and take such other action as they may require to more effectively complete any matter provided for herein. 

  
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 21. Governing Law and Choice of Venue. This Agreement is subject to and shall be
interpreted under and pursuant to the laws of the State of New York, irrespective of the conflicts of law principles of that state. Any action filed pursuant to this agreement shall be adjudicated in the State of New York, County of New York. 

22. Injunctive Relief. Due to the confidential, unique and valuable nature of the Agreement, the Parties acknowledge and agree
that in the event the either Party fails to comply with its obligations hereunder, monetary damages may be inadequate to compensate the other Party. Accordingly, the Parties agree that in addition to any other remedies available to it at law or in
equity, each Party be entitled to seek injunctive relief to enforce the terms of this Agreement. Such remedies shall be available to the Parties in addition to all other remedies available at law or equity. 

23. Notices. Any notice required or permitted to be given hereunder shall be sufficient if given in writing, and sent by express
delivery service, e.g. Federal Express or UPS, or by registered or certified mail, postage prepaid, addressed as follows: 
  

			
	 If to MusclePharm:
	  	If to the Resigning Director:
		
	 MusclePharm

Attn: Brad Pyatt; CEO

4721 Ironton Street; Bldg A

Denver, CO 80239
	  	 Daniel Joseph McClory
 37 Cardiff

Laguna Niguel, CA 92677

		
	 With a copy to:
	  	With a copy to:
		
	 Sichenzia Ross Friedman Ference

LLP
 61 Broadway, 32nd Floor
 New York, NY 10006

Attention : Harvey J. Kesner, Esq.

                Edward H. Schauder, Esq.
	  	Lombardo Dufresne, LLP
	  	denis@lombardodufresne.com
	  	louis@lombardodufresne.com
	  	
	  	
	  	

 or to such other address as the parties hereto may specify, in writing, from time to time. Written notice given as provided in
this paragraph shall be deemed received by the other party two business days after the date the mail is stamped registered or certified and deposited in the mail, or deposited with an express delivery service. 

[SIGNATURES ON FOLLOWING PAGE] 

  
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 WHEREFORE, the Parties hereto have caused this Separation Agreement to be executed as of the date
last set forth below. 
  

							
	 Dated:
	 		 	MUSCLEPHARM CORPORATION
				
		 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	
			
	 Dated: 5-19-15
	 		 	DANIEL J. MCCLORY
				
		 		 	By:	 	

		 		 	Name:	 	

 WHEREFORE, the Parties hereto have caused this Separation Agreement to be executed as of the date
last set forth below. 
  

							
	 Dated:
	 		 	MUSCLEPHARM CORPORATION
				
		 		 	By:	 	

		 		 	Name:	 	Brad Pyatt
		 		 	Title:	 	CEO/Chairman of the Board
			
	 Dated:
	 		 	DANIEL JOSEPH McCLORY
				
		 		 	By:	 	 
		 		 	Name:	 	

  
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 EXHIBIT A 

Confidentiality. Resigning Director acknowledges that he had obtained access to certain confidential information concerning the Company and its
plans and affairs, including, but not limited to, business methods, systems, scheduling, financial data, trade secrets, intellectual property, and strategic plans which are unique assets (“Confidential Information”). Resigning
Director agrees to maintain in strict confidentiality all Confidential Information, and at no time to disclose any Confidential Information to any person, firm, or entity, for any purpose. Resigning Director further undertakes that he shall not use
such Confidential Information for personal gain. Notwithstanding the foregoing, Resigning Director may disclose Confidential Information when he is either legally compelled to, or such information is publically available. 

  
 -7-EX-10.4

 Exhibit 10.4 

EXECUTIVE EMPLOYMENT AGREEMENT 

This EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of the 24th day of June 2015, by and between MusclePharm Corporation, a Nevada corporation headquartered at 4721 Ironton Street, Building A, Denver, Colorado 80239 (“Company”) and Brad Pyatt,
an individual residing at 11345 W. 38th AVE. Wheatridge, Co 80033 (“Executive”). As used herein, the “Effective Date” of this Agreement shall mean January 1,
2015. 
 W I T N E S S E T H: 

WHEREAS, the Executive desires to be employed by the Company as its Chief Executive Officer and the Company wishes 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 employ and the
Executive agrees to serve as the Company’s Chief Executive Officer. 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. 
 The Executive shall devote substantially all 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 interferes with the performance of the duties and responsibilities of the Executive, is determined by the Board to be inconsistent with the position, standing, stature, reputation or best interests of the Company or violates
the terms of Section 14, 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 shall continue for a period of five (5) 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
five (5) year term plus renewals, if any. 

  
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 3. Place of Employment. The Executive’s services shall be performed at the
Company’s offices located in Denver, Colorado. The parties acknowledge, however, that the Executive may be required to travel in connection with the performance of his duties hereunder, 

4. Base Salary. Consistent with the Executive Compensation Plan approved by the Board and attached as Exhibit A to this Agreement, the
Company agrees to pay the Executive a base salary (‘‘Base Salary”) for 2015 at an annual rate of $425,000.00. Executive’s Base Salary for 2016 shall be $570,000. For 2017, Executive’s base salary shall be $592,000.
Annual adjustments after the first three years of the Employment Period shall be determined by the Board (but in no event less than the 50th percentile of comparable peer companies based on
independent consultant report retained by the Company). The Base Salary shall be paid in periodic installments in accordance with the Company’s regular payroll practices. 

5. Target Incentive Bonuses. During the Employment Period, Executive shall be entitled to receive short term and long term target
incentive bonuses as follows. 
 (a) Each year during the Employment Period, the Executive shall be entitled to an annual incentive bonus
(“Annual Bonus”) in an amount up to 125% of Base Salary. Entitlement to this Annual Bonus shall be based in part upon the Executive’s substantial performance in achieving certain corporate financial measures adopted by the
Compensation Committee of the Board (“Compensation Committee”), and in part upon specific non-financial goals and objectives established by the Compensation Committee for the Executive. The annual incentive percentage allocation for
the years 2015-2017 of the Employment Period, and the targeted company financial goals, are set forth in Exhibit A, and incorporated herein by reference. The Compensation Committee shall establish similar target financial and personal goals for the
Executive’s Annual Bonus for subsequent years. The portion of the Annual Bonus that is tied to annual corporate financial measures shall be paid within thirty (30) days following the Company’s annual audit and announcement of
earnings, but no later than April 1 of the calendar year immediately following the year with respect to which the Annual Bonus was earned. The portion of the Annual Bonus tied to the specific goals and objectives established for the Executive
by the Compensation Committee shall be paid on the Company’s regular payroll date coinciding with or immediately following the end of the quarter with respect to which such goals and objectives were attained by the Executive. The Compensation
Committee may provide for lesser or greater percentage Annual Bonus payments for the Executive upon attainment of partial or additional criteria established or determined by the Compensation Committee from time to time. 

Upon his termination from employment, the Executive shall be entitled to receive a pro-rata portion of the Annual Bonus calculated based upon his final day of
employment, regardless of whether he is employed by the Company through the conclusion of the fiscal quarter or year, as the case may be, on which the Annual Bonus is based. 

(b) Each year during the Employment Period, the Executive shall receive restricted shares, incentive stock options and/or performance shares
or combination thereof to be determined by the Company’s Compensation Committee (“Long Term Incentive”) in the fixed value amount approved by the Compensation Committee as set forth in Attachment A. The fixed value of the Long Term
Incentive granted to Executive shall be $817,000 for 2015 and $840,000 for 2016. For 2017, the fixed value of the Long Term Incentive granted to the Executive shall be $873,600. The Compensation Committee shall establish comparable Long

  
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Term Incentive awards for the Executive in subsequent years of the Employment Period. Any Long Term Incentive awarded to the Executive under this Section 5(b) shall be subject to the terms
and conditions of the Company’s 2015 Long Term Incentive Plan and the related Award Agreement all as determined in the sole discretion of the Compensation Committee; provided that, every such 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 Long Term Incentive shall immediately vest. 

6. Severance 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 earned
through the date of termination to be paid according to Section 5(a); and (E) all Long Term Incentives earned prior to termination. 

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 12(b)) unless the Executive’s employment is terminated for Cause (as defined in Section 12(c)) or the Executive terminates his employment without Good Reason (as defined in Section 12(d) and other than for a
Change in Control as provided in Section 12(d) and Section 12(f)), the Executive shall be entitled to receive a cash amount equal to three hundred percent (300%) of the sum of the Executive’s Base Salary, Annual Bonus and Long
Term Incentive earned during the year immediately preceding the date of termination (herein the “Separation Payment”); provided, that the Executive executes an agreement releasing Company and its affiliates from any liability
associated with this Agreement and such release is irrevocable at the time the Separation Payment is first payable under this Section 6 and the Executive complies with his other obligations under Sections 13 and 14 of this Agreement. Subject to
the terms hereof, one-half (1/2) of the Separation Payment shall be paid within thirty (30) days of the Executive’s termination of employment (“Initial Payment”), provided that the Executive has executed a release; and the
balance of the Separation Payment shall be paid in substantially equal installments on the Company’s regular payroll dates beginning with the first payroll date coincident with or immediately following the Initial Payment and ending with the
last payroll date that occurs in the third calendar year beginning after the Executive’s termination of employment. 
 The Executive
may continue coverage with respect to the Company’s group health plans as permitted by the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for himself and each of his “Qualified Beneficiaries” as
defined by COBRA (“COBRA Coverage”). The Company shall reimburse the amount of any COBRA premium paid for COBRA Coverage timely elected by and for the Executive and any Qualified Beneficiary of the Executive, and not otherwise
reimbursed, during the period that ends on the earliest of (x) the date the Executive or the Qualified Beneficiary, as the case may be, ceases to be eligible for COBRA Coverage, (y) the last day of the consecutive eighteen (18) month
period following the date of the Executive’s termination of employment and (z) the date the Executive or the Qualified Beneficiary, as the case may be, is covered by another group health plan. To reimburse any COBRA premium payment under
this paragraph, the Company must receive documentation of the COBRA premium payment within ninety (90) days of its payment. 

  
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 7. Clawback Rights. The 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. 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 Change of Control as defined in Section 12(f), subject to applicable law, rules and regulations. For purposes of this Section 7, 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. 

8. 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. 
 9.
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. 

  
 4 

 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. 
 10.
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. 
 11.
Stock Options and Restricted Stock. In addition to any Long Term Incentive awarded to him, the Executive shall be eligible for grants of awards available to senior executive officers of the Company under the Equity Incentive Plans as the
Compensation Committee or the Board may from time to time determine. 
 12. 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 regarding severance compensation. 

(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 regarding severance compensation. 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 ninety (90) 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. 

(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

  
 5 

 
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 12(c)(l) shall not be subject to cure. 

(2) For purposes of this Section 12(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 unpaid Annual Bonus to be paid according to Section 5; 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 a Change of Control or Without Cause. 

(1) At any time during the term of this Agreement and subject to the conditions set forth in Section 12(d)(2) below the Executive may
terminate this Agreement and the Executive’s employment with the Company for “Good Reason” or for a “Change of Control” (as defined in Section 12(f)). 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 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 of a title that is different from and subordinate to the title Chief Executive Officer of the
Company, provided, however, for the absence of doubt following a Change of Control, should the Executive be required to serve in a diminished capacity in a division or unit of another entity (including the acquiring entity), such event shall
constitute Good Reason regardless of the title of the Executive in such acquiring company, division or unit; (C) material breach by the Company of this Agreement; or (D) the reassignment of the Executive to an office outside of Denver,
Colorado. 

  
 6 

 (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 12(d)(l), 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 12(d)(l). In the event the Executive elects to terminate this Agreement for a Change in Control in accordance with
Section 12(d)(l), such election must be made within one hundred eighty (180) days of the occurrence of the Change of Control. 

(3) In the event that the Executive terminates this Agreement and his employment with the Company for Good Reason or for a Change of Control
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
severance 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 and other than for a Change of Control 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 and other than for a Change of Control, 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 unpaid Annual Bonus to be paid according to Section 5; 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. 

  
 7 

 (f) Change of Control. For purposes of this Agreement, “Change of
Control” shall mean the occurrence of any one or more of the following: (i) the accumulation (if over time, in any consecutive twelve (12) month period), whether directly, indirectly, beneficially or of record, by any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended) of more than fifty percent (50%) or more of the shares 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), (ii) a sale of all or substantially all of the assets of the Company or (iii) during any period of twelve (12) consecutive months, the individuals who, at the beginning of such
period, constitute the Board, and any new director whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either
were directors at the beginning of the twelve (12) month period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the Board; provided that the following
acquisitions shall not constitute a Change of Control for the purposes of this Agreement: any acquisition of Common Stock or securities convertible into Common Stock by any employee benefit plan (or related trust) sponsored by or maintained by the
Company. 
 (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. 
 13. 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. 

  
 8 

 (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. 

14. 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. 

(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: 

  
 9 

 (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 12(b) or 12(d), for a period of twelve (12) months following Executive’s termination from employment in the Territory as defined in Section 14(a). 

15. 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. 

  
 10 

 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-l(h)(l)). 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-l(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
l.409A-l(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 severance and benefits 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. 

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-l(b)(4) plus (y) the amount payable as “separation pay due to involuntary separation from service” under Treasury Regulation
Section 1.409A-l(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-l(b)(9)(iii)(A)(l); 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. 

  
 11 

 16. 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 13 or
Section 14 of this Agreement. Accordingly, the Executive agrees that any breach or threatened breach by him of Section 13 or Section 14 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. 
 (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 Delaware 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. 

  
 12 

 (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. 

(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] 

  
 13 

 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:
	 	 

		 	  

 
			
	 Name:
	 	RICHARD ESTAELLA

 
			
	 Title:
	 	PRESIDENT

 
			
	 Date Signed:
	 	6.24.15
	
	 

	  

	 Executive
	 	

 
			
	 Date Signed:
	 	6/24/15

  
 14

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