Document:

Exhibit
10.1

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAS 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.

 

NOTWITHSTANDING
ANYTHING HEREIN TO THE CONTRARY, THIS NOTE, THE REPAYMENT OF ALL INDEBTEDNESS EVIDENCED HEREBY AND THE EXERCISE OF ANY RIGHT OR REMEDY
HEREUNDER BY THE HOLDER HEREOF ARE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THAT CERTAIN INTERCREDITOR AND SUBORDINATION AGREEMENT,
DATED AS OF OCTOBER 13, 2021 (AS AMENDED BY THAT CERTAIN FIRST AMENDMENT TO INTERCREDITOR AND SUBORDINATION AGREEMENT, DATED AS OF MARCH
8, 2022, THE “INTERCREDITOR AGREEMENT”), BY AND BETWEEN EMPERY TAX EFFICIENT, LP, MUSCLEPHARM CORPORATION AND RYAN
DREXLER. IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF SUCH INTERCREDITOR AGREEMENT AND THIS NOTE, THE TERMS OF THE INTERCREDITOR
AGREEMENT SHALL GOVERN AND CONTROL.

 

UNSECURED
REVOLVING PROMISSORY NOTE

March
8, 2022

 

For
Value Received, MusclePharm Corporation,
a Nevada corporation (“the Company”), hereby unconditionally promises to pay to the order of Ryan Drexler
(“Lender”), in lawful money of the United States of America and in immediately available funds, the aggregate
unpaid principal amount of all Advances (as defined below) (the “Revolving Loan”), together with accrued and
unpaid Interest (as defined below) thereon and any Costs of Collection (as defined below), due and payable on the dates and in the manner
set forth below in this Unsecured Revolving Promissory Note (the “Note”).

 

1.
Advances. The Lender may, in its sole discretion, make one or more advances (each, an “Advance,” and collectively,
the “Advances”) to the Company, and the Company may, to the extent that the Lender permits in his sole discretion,
borrow funds from the Lender hereunder. While the decision to make any Advance is at all times within the sole discretion of the Lender,
whether the limitation set forth in clause 1(c) below is satisfied or not, it is understood and agreed by the Company that, as further
limitations on the making of Advances by the Lender:

 

(a)
each request for an Advance shall be made by the Company in writing, delivered to the Lender at least three (3) business days prior
to the requested date of such Advance, and shall specify the date of such Advance and the amount of such Advance,

 

(b)
requests may only be made if no Event of Default (as defined below) has occurred and is continuing,

 

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(c)
each request shall be in the amount of at least ten thousand dollars (US$10,000) and shall be in thousand-dollar increments, and

 

(d)
the proceeds of Advances shall be used by the Company solely to finance the production of orders made by Costco Wholesale Corporation
or any of its affiliates or subsidiaries, as obligor of accounts receivables with respect to such orders (the “Costco Accounts
Receivables”).

 

The
Lender shall, and is hereby authorized to, record on the schedule attached hereto the date and amount of each Advance and the date and
amount of each principal payment hereunder, provided, that, the failure of the Lender to record any Advance shall have
no effect on the obligation of the Company to repay the Advance or to pay any other amount hereunder.

 

2.
Interest. Simple interest shall accrue on the outstanding principal amount of each Advance from the date of such Advance until payment
of such Advance at a rate of eighteen percent (18%) per annum (“Interest”), compounding annually. Interest
shall be calculated on the basis of a 365-day year for the actual number of days elapsed.

 

3.
Costs of Collection. If an Event of Default (as defined below) has occurred, the Company shall pay the reasonable costs and expenses
(including reasonable attorney’s fees) incurred by the Lender in the enforcement of the Lender’s rights hereunder (“Costs
of Collection”).

 

4.
Repayment.

 

(a)
Each Advance made and not otherwise repaid, if any, all accrued Interest related thereto not otherwise paid, if any, and all accrued
Costs of Collection related thereto not otherwise paid, if any (each such amount, the “Repayment Amount”),
or at the sole discretion of the Lender, any portion of the Repayment Amount, shall be due and payable on the earlier of (a) the Maturity
Date, as defined below, and (b) three (3) days following any demand of the Lender (each such date, a “Repayment Date”).
Demand for payment hereunder shall be made by notice in writing, delivered by overnight courier to the undersigned at 6728 W. Sunset
Rd., Suite 130, Las Vegas, NV 89118, or sent by email to Sabina.Rizvi@musclepharm.com or by fax to 800-490-7165 (with such demand being
deemed made and effective one (1) business day after being sent via overnight courier, and effective on the same day it was sent (or,
if not sent on a business day, on the following business day) if sent via email or fax), setting out details of the amount outstanding
and the appropriate method of payment.

 

(b)
The Company shall be entitled to prepay any outstanding principal amount of any Advances without premium or penalty following at
least one (1) day’s advance written notice to the Lender, provided, that, any such prepayment shall be accompanied
by a payment by the Company of all accrued and unpaid Interest and Costs of Collection on such prepaid principal.

 

(c)
Unless earlier due and payable as provided in Section 4(a), each Repayment Amount shall be due and payable on the earliest of (i)
the receipt of collections on the Costco Account Receivable in connection with the Advance related to such Repayment Amount, (ii) immediately
upon receipt by the Company of a Notice of Acceleration (as defined below) from the Lender as provided by Section 8(a), and (iii) immediately
upon the occurrence of an Event of Default of the type described in Section 7(b) or (c), as provided by Section 8(b) (the earliest such
date being the “Maturity Date”).

 

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(d)
All payments by the Company under this Note (including prepayments) shall be made without set-off or counterclaim and be free and
clear and without any deduction or withholding for any taxes or fees of any nature whatever, unless the obligation to make such deduction
or withholding is imposed by law. All payments hereunder shall be made in cash in immediately available U.S. Dollars.

 

(e)
The Company and Lender agree that the Company’s obligations under the Note with respect to, among other things, right of payment
to Lender are subordinate to the payment obligations of the Company pursuant to the Original Issue Discount Senior Secured Notes, dated
as of October 13, 2021 (the “Existing Notes”), and any subordination agreement related thereto, and, among other things,
no payments shall be made by Company under the Note if the Company is in default under the Existing Notes.

 

5.
Application of Payments. Payments made hereunder shall be applied, first, to accrued but unpaid Costs of Collection, if any; second,
to accrued but unpaid Interest, if any; third to unpaid principal on the Revolving Loan, if any (beginning with the earliest Advance
for which principal remains unpaid and continuing in chronological order to subsequent Advances). Any excess amounts remaining after
such application shall be returned to the Company within three (3) business days.

 

6.
Reserved.

 

7.
Default. There shall exist an event of default hereunder (an “Event of Default”) if

 

(a)
the Company fails to repay or pay any and all unpaid principal, accrued and unpaid Interest, accrued and unpaid Costs of Collection
and all other amounts owing under this Note when due and payable pursuant to the terms of this Note unless such failure is cured within
three (3) days of the date the Lender has given notice of such breach to the Company;

 

(b)
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;

 

(c)
an involuntary petition is filed against the Company or any of its subsidiaries (unless such petition is dismissed or discharged
within sixty (60) 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;

 

(d)
the Company breaches any other material term of this Note (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 Lender has given notice of such breach to the Company and
(y) the Company has actual knowledge of such breach);

 

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(e)
the Company amends or modifies the terms of any existing indebtedness in a manner that increases the principal amount thereof or
the interest rate applicable thereto, accelerates the maturity of the obligations thereunder or otherwise adversely affects the Lender;
provided, that, the foregoing shall not constitute an Event of Default if undertaken, caused, approved, consented to or
voted in favor of by the Lender in his capacity as an employee, officer or director of the Company;

 

(f)
a final judgment or judgments for the payment of money aggregating in excess of $1,000,000 that are not covered by insurance or an
indemnity from a creditworthy party are rendered against the Company and/or any of its subsidiaries and which judgments are not, within
thirty (30) days after the entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within thirty (30) days
after the expiration of such stay;

 

(g)
the Company fails to pay, when due, giving effect to any applicable grace period, any payment with respect to any funded indebtedness
in excess of $500,000 due to any third party (other than, with respect to unsecured funded indebtedness only, payments contested by the
Company in good faith by proper proceedings and with respect to which adequate reserves have been set aside for the payment thereof in
accordance with U.S. generally accepted accounting principles) or is otherwise in breach or violation of any agreement for monies owed
or owing in an amount in excess of $500,000, other than (i) unsecured trade obligations in the ordinary course of business, which breach
or violation permits the other party thereto to declare a default or otherwise accelerate amounts due thereunder or (ii) matters disclosed
in the Company’s securities filings; provided, that, the foregoing shall not constitute an Event of Default if undertaken,
caused, approved, consented to or voted in favor of by the Lender in his capacity as an employee, officer or director of the Company;
or

 

(h)
there exists any circumstances or events that would, with or without the passage of time or the giving of notice, result in a default
or event of default under any agreement binding the Company or any subsidiary, which default or event of default would or is likely to
have a material adverse effect on the business, assets, operations or financial condition of the Company and its subsidiaries, taken
as a whole; provided, that, the foregoing shall not constitute an Event of Default if such circumstances or events are
undertaken, caused, approved, consented to or voted in favor of by the Lender in his capacity as an employee, officer or director of
the Company.

 

8.
Acceleration and Remedies.

 

(a)
Upon the occurrence and during the continuance of any Event of Default described in clause (a) or clauses (d) through (h) of Section
7 of this Note, the Lender shall be entitled to accelerate the entire indebtedness hereunder, including all principal, all Interest and
all Costs of Collection, which shall become due and payable following receipt by the Company of written notice of the occurrence of said
Event of Default (“Notice of Acceleration”).

 

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(b)
Upon the occurrence and during the continuance of any Event of Default described in clauses (b) or (c) of Section 7 of this Note,
the entire indebtedness hereunder, including all principal, all Interest, and all Costs of Collection, shall be automatically accelerated,
and shall be immediately due and payable, without any demand, notice, or other action of the Lender or any other person or entity.

 

(c)
Notwithstanding anything to the contrary in this Note or any other agreement, instrument or document, upon the occurrence and during
the continuance of any Event of Default, the Lender may exercise any and all rights and remedies it may have under this Note or applicable
law.

 

9.
[Reserved].

 

10.
Waivers. The Company, for itself and its legal representatives, successors and assigns, hereby expressly waives demand, protest,
presentment, notice of dishonor, notice of acceptance, and notice of protest, and all other demands and notices in connection with the
delivery, acceptance, performance, default or enforcement of this Note.

 

11.
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 Lender. Notwithstanding the foregoing, the Lender 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.

 

12.
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Nevada (without giving effect
to any conflict of laws principles that would require application of the laws of another jurisdiction).

 

13.
Jurisdiction. Each of the Company and the Lender irrevocably submits to the jurisdiction of the courts of the State of Nevada and
of the United States sitting in the State of Nevada, and of the courts of its own corporate or individual domicile with respect to actions
or proceedings brought against it as a defendant, for purposes of all proceedings. Each of the Company and the Lender 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 Lender, 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.

 

14.
Waiver of Jury Trial. Each of the Company and the Lender hereby irrevocably waives any and all right to trial by jury in any proceeding.

 

15.
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 Lender also shall be provided to the independent directors of the Board.

 

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16.
Amendments and Waivers. Any term of this Note may be amended only with the written consent of the Company and the Lender. Any amendment
or waiver effected in accordance herewith shall be binding upon the Company, the Lender and each transferee of this Note.

 

17.
Entire Agreement. This Note constitutes the entire agreement between the Company and the Lender pertaining to the subject matter
hereof, and any and all other written or oral agreements existing between the Company and the Lender are expressly canceled.

 

18.
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.

 

19.
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.

 

20.
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 Lender 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 Lender exceeds the Maximum Rate, the Lender 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.

 

21.
Indemnification. The Company shall, to the fullest extent permitted by law, indemnify (but only to the extent of and out of Company
assets) the Lender against all reasonable expenses (including reasonable attorneys’ fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by the Lender 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 Lender is
involved, as a party or otherwise, or with which the Lender may be threatened, arising in connection with this Note (each, an “Action”),
except to the extent the same has been finally adjudicated to constitute fraud, gross negligence or willful misconduct of the Lender
or a breach by the Lender of this Note. Promptly after receipt by the Lender of notice of the commencement or threatened commencement
against it of any third party Action, the Lender will notify the Company. The Company will be entitled to assume the defense of the Action
unless the Lender shall have reasonably concluded that a conflict may exist between the Company and the Lender 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 Lender for any legal or other expenses subsequently separately incurred by the Lender 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.

 

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22.
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.

 

23.
Publication. The Company shall issue a widely disseminated press release by 9:30 a.m. (New York City time) on the trading day of
the execution of this Note (or, if the date of execution is not a trading day, on the immediately following trading day, that discloses
the material terms of the transactions contemplated by this Note and the intercreditor agreement.

 

[Remainder
of Page Intentionally Left Blank]

 

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IN
WITNESS WHEREOF, the undersigned have duly executed this Unsecured Revolving Promissory Note as of the date indicated herein.

 

	 	MusclePharm
    Corporation
	 	 	 
	 	By:	/s/
    Sabina Rizvi
	 	Name:
    	Sabina
    Rizvi
	 	Title:	Chief
    Financial Officer

 

	Acknowledged
    and Agreed:	 
	 	 
	Ryan
    Drexler	 
	 	 
	/s/
    Ryan Drexler	 

 

    	 

    	 

    

 

SCHEDULE
OF LOAN AND PAYMENTS OF PRINCIPAL

TO UNSECURED REVOLVING PROMISSORY NOTE 

OF MUSCLEPHARM CORPORATION

DATED __________, 2022

 

	Principal

    Amount
    of

    Advance
	 	

    Date
	 	Principal

    Amount

    Paid
	 	

    Unpaid

    BalanceExhibit
10.2

 

FIRST
AMENDMENT

TO
INTERCREDITOR AND SUBORDINATION AGREEMENT

 

This
FIRST AMENDMENT TO INTERCREDITOR AND SUBORDINATION AGREEMENT (this “Amendment”), dated as of March 8, 2022, is entered
into by and between Ryan Drexler, an individual (“Subordinated Creditor”), MusclePharm Corporation,
a Nevada corporation (the “Borrower”) and Empery Tax Efficient, LP, as representative on behalf of the buyers
party to the Securities Purchase Agreement (as defined in the Intercreditor Agreement referenced below) (“Senior Creditor”).
Terms used herein without definition shall have the definition assigned to such terms in the Intercreditor Agreement referenced below.

 

RECITALS

 

WHEREAS,
Subordinated Creditor desires to extend credit to the Borrower and the Borrower desires to borrow from Subordinated Creditor, pursuant
to the terms of the Unsecured Revolving Promissory Note dated as of the date hereof in the form attached hereto as Exhibit A (the
“Promissory Note” and such indebtedness and obligations to Subordinated Creditor arising under the Promissory Note
(whether now existing or hereafter arising), collectively, the “Promissory Note Debt”);

 

WHEREAS,
the parties hereto desire to amend that certain Intercreditor and Subordination Agreement, dated as of October 13, 2021 (the “Intercreditor
Agreement”), among Subordinated Creditor, the Borrower and Senior Creditor, in accordance with the terms herein;

 

NOW,
THEREFORE, in consideration of the covenants made hereunder, and other good and valuable consideration, the receipt and legal sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION
1. Amendments to Intercreditor Agreement. The Intercreditor Agreement shall be amended as follows:

 

(a)
Section 3 of the Intercreditor Agreement is hereby amended and restated as follows:

 

“All
loans, advances, debts, liabilities, obligations, debit balances, covenants and duties at any time or times owed by Borrower or any of
its subsidiaries to Subordinated Creditor, including all obligations of the Borrower under Unsecured Revolving Promissory Note, dated
as of March 8, 2022 (the “Permitted Note”), or to any Person owned or controlled by Subordinated Creditor under the
Subordinated Notes, the Subordinated Security Agreement, the other Subordinated Loan Documents or otherwise (collectively, the “Subordinated
Debt”), are subordinated in right of payment to (a) all loans, advances, debts, liabilities, obligations, debit balances, covenants
and duties at any time or times owed by Borrower or any of its subsidiaries to Senior Creditor under the Securities Purchase Agreement,
the Notes or any other Transaction Document (together with the Securities Purchase Agreement and the Notes, collectively, the “Senior
Loan Documents”), whether now or hereafter created, incurred or arising, and whether direct or indirect, absolute or contingent,
secured or unsecured, primary or secondary, joint or several, liquidated or unliquidated, due or to become due, now existing or hereafter
arising, (b) all loans made or credit extended by Senior Creditor to Borrower or any of its subsidiaries during the pendency of any Insolvency
Proceeding (as defined below) of Borrower or any of its subsidiaries, (c) all interest, fees, charges, expenses and attorneys’
fees for which Borrower or any of its subsidiaries is now or hereafter becomes liable to pay to Senior Creditor under the Senior Loan
Documents or by law (including all interest, legal fees and other charges that accrue or are incurred in connection with any of the Senior
Debt (as defined below) during the pendency of any Insolvency Proceeding of Borrower or any of its subsidiaries, whether or not Senior
Creditor is authorized by 11 U.S.C. Section 506 or otherwise to claim or collect any such interest, legal fees or other charges from
Borrower or any of its subsidiaries), (d) any renewals, extensions, replacements or refinancings of any of the foregoing and (e) all
costs and expenses at any time incurred by Senior Creditor in connection with its enforcement of rights or exercise of remedies under
any of the Senior Loan Documents or applicable law or in equity to collect any of the Senior Debt, enforce any lien or security interest
of Senior Creditor or otherwise enforce any provisions of any of the Senior Loan Documents, or protect or preserve any of the Collateral
or defend any lien or security interest of Senior Creditor therein against the claims of third parties (clauses (a) through (e) above,
collectively, the “Senior Debt”). As used herein, “Insolvency Proceeding” means (x) any case, action
or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership,
dissolution, winding-up or relief of debtors or (y) any general assignment for the benefit of creditors, formal or informal moratorium,
composition, marshaling of assets for creditors or other, similar arrangement in respect of its creditors generally or any substantial
portion of its creditors, in each case, undertaken under the Bankruptcy Code or other applicable law. For purposes of this Agreement,
reference in this Agreement to (x) any obligations or liabilities owed to the Senior Creditor shall be deemed include all obligations
and liabilities owed to all holders of Notes, and (y) any claims and interests of the Senior Creditor shall include claims and interests
all holders of Notes.”

 

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(b)
Section 4 of the Intercreditor Agreement is hereby amended and restated as follows:

 

“Subordinated
Creditor will not demand or receive from Borrower or any of its subsidiaries (and neither Borrower nor any of its subsidiaries will pay
to Subordinated Creditor) all or any part of the Subordinated Debt, by way of payment, prepayment, setoff, lawsuit or otherwise, nor
will Subordinated Creditor exercise any right or remedy under any Subordinated Loan Document or with respect to any Collateral, or any
other right or remedy available at law or equity, nor will Subordinated Creditor commence, or cause to commence, prosecute or participate
in any administrative, legal or equitable action against Borrower or any of its subsidiaries, until (a) the Senior Debt has been indefeasibly
paid in full in cash, (b) the Transaction Documents have been terminated and (c) no claims, losses or liabilities related to the Senior
Debt to which Senior Creditor is entitled to indemnification or reimbursement by Borrower or any of its subsidiaries, whether pending
or threatened, remain unresolved (such events described in clauses (a) through (c) above, collectively, “Full Payment”);
provided that the Borrower may make Permitted Note Payments to Subordinated Creditor. In furtherance of the foregoing: (r) neither
Borrower nor any of its subsidiaries shall, directly or indirectly, make any payment on account of the Subordinated Debt (other than
(i) any salary, executive compensation, employee benefits or reimbursement of reasonable expenses, in each case in the ordinary course
of business and consistent with past practice, that is owed by Borrower or any of its subsidiaries to Subordinated Creditor in Subordinated
Creditor’s capacity as a director, officer or employee of the Borrower or (ii) the Permitted Note Payments); (s) Subordinated Creditor
shall not demand, collect or accept from Borrower or any of its subsidiaries, or any other Person, any payment on account of the Subordinated
Debt or any part thereof, other than the Permitted Note Payments; (t) Subordinated Creditor shall not accelerate the maturity or payment
of any of the Subordinated Debt, or assert, collect, enforce or seek to enforce any right or remedy with respect to the Subordinated
Debt or any part thereof; (u) Subordinated Creditor, the Borrower and its subsidiaries shall not permit the “Maturity Date”
(as defined in the Subordinated Loan Documents) or otherwise permit the maturity of any of the Subordinated Debt to be earlier than the
date that is 181 days after the latest “Maturity Date” (as defined in the Notes, as such term may be amended and/or extended
from time to time) (the “Outside Maturity Date”), and the Borrower and Subordinated Creditor hereby agree that to
the extent any “Maturity Date” (as defined in the Subordinated Loan Documents) occurs on or earlier than the Outside Maturity
Date, such “Maturity Date” shall be automatically, and without any further consent or action of any Person, extended to a
date that is at least one day after the Outside Maturity Date; (v) Subordinated Creditor shall not exchange, set off, release, convert
to equity or otherwise discharge any part of the Subordinated Debt; (w) Subordinated Creditor shall not hereafter give any subordination
in respect of the Subordinated Debt or transfer or assign any of the Subordinated Debt to any Person unless the transferee or assignee
thereof first agrees in writing with Senior Creditor to be bound by the terms of this Agreement; (x) neither Borrower nor any of its
subsidiaries shall hereafter issue any instrument, security or other writing evidencing any part of the Subordinated Debt, and Subordinated
Creditor will not receive any such writing, except upon the prior written approval of Senior Creditor or at the request of and in the
manner requested by Senior Creditor; (y) Subordinated Creditor shall not commence or join with any other creditor of Borrower or any
of its subsidiaries in commencing any Insolvency Proceeding against Borrower or any of its subsidiaries; and (z) neither Subordinated
Creditor nor Borrower or any of its subsidiaries otherwise shall take or permit any action prejudicial to or inconsistent with Senior
Creditor’s priority position over Subordinated Creditor that is created by this Agreement. Notwithstanding any other provision
herein, prior to Full Payment, all accrued and unpaid interest under the Subordinated Loan Documents or in connection with the Subordinated
Debt may be capitalized and become part of the applicable principal balance when such interest becomes payable by the Borrower or any
of its subsidiaries to the Subordinated Creditor (the “Deferred Interest Payments”). The Deferred Interest Payments
shall become due and payable by the Borrower (or, if applicable, its subsidiaries) to the Subordinated Creditor immediately after the
occurrence of Full Payment.” As used herein, “Permitted Note Payments” means, at any time no Event of Default
(as defined in the Security Agreement), Event of Default (as defined in the Permitted Note) or Insolvency Proceeding has occurred and
is continuing, the repayment by the Borrower to the Subordinated Creditor of the principal portion of the Permitted Note from the proceeds
of Costco Account Receivables in connection with the Advance (as defined in the Permitted Note) directly related to such Costco Account
Receivables pursuant to the terms therein. For the avoidance of doubt, the Permitted Note Payments shall not be applicable to the repayment
of interest, fees, expenses or other amounts under the Permitted Note.”

 

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(c)
Section 8 of the Intercreditor Agreement is hereby amended by replacing the second sentence thereof with the following:

 

“Subordinated
Creditor shall not amend, waive or otherwise modify the provisions of any Subordinated Loan Document without the prior written consent
of the Senior Creditor (other than to reduce the rate of interest or extent the time for payment).”

 

SECTION
2. Conditions to Effectiveness of this Amendment. This Amendment shall become effective upon the receipt by Senior Creditor of
counterparts of this Amendment executed by (i) the Borrower, (ii) Subordinated Creditor and (iii) Senior Creditor.

 

SECTION
3. Representations and Warranties. The Borrower hereby represents and warrants as follows:

 

(a)
Authorization; No Contravention. The Borrower has all requisite power and authority to execute, deliver and perform its obligations
under this Amendment. The execution, delivery and performance by the Borrower of this Amendment, and the consummation of the transactions
contemplated hereby, are within its corporate or other powers, have been duly authorized by all necessary corporate or other organizational
action, and do not and will not (a) contravene the terms of its charter or bylaws, (b) conflict with or result in any breach or contravention
of, any material order, injunction, writ or decree of any governmental authority or any arbitral award to which the Borrower or its property
is subject; or (c) violate any law in any material respect.

 

(b)
Binding Effect. This Amendment has been duly executed and delivered by the Borrower and this Amendment constitutes, a legal, valid
and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as such enforceability
may be limited by debtor relief laws and by general principles of equity. The Intercreditor Agreement, as amended by this Amendment constitutes,
a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as such
enforceability may be limited by debtor relief laws and by general principles of equity.

 

(c)
Government Authorization; Other Consents. No material approval, consent, exemption, authorization, or other action by, or notice
to, or filing with, any governmental authority or any other person is necessary or required in connection with the execution, delivery
or performance by, or enforcement against, the Borrower of this Amendment, or for the consummation of the transactions contemplated hereby,
except for (i) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken,
given or made and are in full force and effect and (ii) those approvals, consents, exemptions, authorizations or other actions, notices
or filings, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect.

 

    	3

     

    

 

SECTION
4. Validity of Obligations and Liens.

 

(a)
Validity of Obligations. The Borrower acknowledges and agrees that, both before and after giving effect to this Amendment, Holdings,
the Borrower indebted to the Buyers (as defined in the Security Agreement) for the Obligations (as defined in the Security Agreement),
and the Borrower hereby ratifies and reaffirms the validity, enforceability and binding nature of such Obligations (as defined in the
Security Agreement).

 

(b)
Validity of Guarantees. The Borrower hereby (i) acknowledges and agrees to the terms of this Amendment and (ii) confirms and agrees
that, after giving effect to this Amendment, its guarantee under that certain Guarantee, dated as of October 13, 2021 (the “Guarantee”),
in favor of Senior Creditor shall continue to be, in full force and effect, and shall apply to all Guaranteed Obligations (as defined
in the Guarantee) and such guarantee is hereby ratified and confirmed in all respects.

 

(c)
Validity of Liens and Loan Documents. The Borrower hereby ratifies and reaffirms the validity and enforceability (without defense,
counterclaim or offset of any kind) of the security interests granted to the Senior Creditor for the benefit of the Buyers (as defined
in the Security Agreement) to secure any of the Obligations (as defined in the Security Agreement). The Borrower hereby confirms and
agrees that notwithstanding the effectiveness of this Amendment, and except as expressly amended by this Amendment, each Transaction
Document is, and shall continue to be, in full force and effect and each is hereby ratified and confirmed in all respects, except that,
on and after the effectiveness of this Amendment, each reference in the Transaction Documents to the “CEO Intercreditor Agreement”,
“thereunder”, “thereof” (and each reference in the Intercreditor Agreement to this “Agreement”, “hereunder”
or “hereof”) or words of like import shall mean and be a reference to the Intercreditor Agreement as amended by this Amendment.
This Amendment shall constitute a “Transaction Document” for purposes of the SPA.

 

SECTION
5. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

 

SECTION
6. Execution in Counterparts. This Amendment may be executed in any number of separate counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. Delivery by telecopier or electronic PDF of an executed
counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment.

 

SECTION
7. Severability. If any provision of this Amendment is held to be illegal, invalid or unenforceable, the legality, validity and
enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby.

 

SECTION
8. Integration. This Amendment, the Intercreditor Agreement, the other Transaction Documents and any separate agreements among
the parties hereto or their affiliates or any other agent party to the SPA relating to this Amendment constitute the entire contract
among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof.

 

SECTION
9. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION
OR CAUSE OF ACTION ARISING UNDER THIS Amendment OR ANY OTHER TRANSACTION DOCUMENT OR IN
ANY WAY CONNECTION WITH OR RELATED OR INCIDENTAL TO THE DEALING OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS Amendment
OR ANY OTHER TRANSACTION DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING,
AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS Amendment
MAY FILE AN ORIGINAL COUNTERPART OR COPY OF THIS SECTION 10 WITH ANY COURT AS WRITTEN EVIDENCE FO THE CONSENT OF THE SIGNATORIES
HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

SECTION
10. Headings. Section and subsection headings in this Amendment are included herein for convenience of reference only and shall
not constitute a part of this Amendment for any other purpose or be given any substantive effect.

 

SECTION
11. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the Borrower, Subordinated Creditor
and their respective successors and assigns, and upon Senior Creditor and the Buyers (as defined in the Security Agreement) and each
of their respective successors and assigns. Any assignment by any party hereto of its rights and obligations hereunder and any interest
therein shall be subject to the provisions of the Transaction Documents.

 

[signature
pages follow]

 

    	4

     

    

 

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

 

	 	Ryan
    Drexler, an individual
	 	 	 
	 	/s/ Ryan Drexler
	 	Address:	[***]
	 	 	 

 

    	[Signature Page to First Amendment to Intercreditor Agreement]

     

    

 

	 	MUSCLEPHARM
    CORPORATION
	 	 	 
	 	By:	/s/
    Sabina Rizvi
	 	Name:	Sabina Rizvi
	 	Title:	Chief Financial Officer

 

	 	Address:	6728 W. Sunset Rd., Suite 130
	 	 	Las Vegas, NV 89118

 

    	[Signature Page to First Amendment to Intercreditor Agreement]

     

    

 

	 	EMPERY
    TAX EFFICIENT, LP
	 	by:
    Empery Asset Management, LP, its authorized agent
	 	 	 
	 	By:	/s/
    Brett Director
	 	Name:	Brett
    Director
	 	Title:	General
    Counsel

 

	 	Address:
    	c/o
    Empery Asset Management, LP
	 	 	1
    Rockefeller Plaza, Suite 1205
	 	 	New
    York, NY 10020

 

    	[Signature Page to First Amendment to Intercreditor Agreement]

     

    

 

EXHIBIT
A

FORM
OF PROMISSORY NOTE

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