Document:

Document

  Exhibit 10.33
Grant Schedule
						
	Grantee’s name:	[∙]
	Grant Date:	[∙]
	1.Number of Restricted Stock Units granted:
	[∙]
	       2.    Target Number of Restricted Stock Units:
	[∙]
	3.    Vesting Date:
PERFORMANCE VESTED UNITS: Except as specifically provided below, as set forth in the Grantee’s employment agreement or as otherwise determined by the Committee, subject to Grantee’s continued employment, as of [∙], the Restricted Stock Units (the “Performance Units”) will vest, if at all, based on the Company’s Performance (as defined below) as follows:
	
	The Performance Units shall become Earned (as defined below) based upon the Company’s [∙] (“Performance”)  over each applicable Performance Period (as defined below), as follows: [∙]

For any applicable Performance Period above, the Compensation Committee will interpolate proportionately to determine the Performance Units which become Earned based on the level of the Company’s Performance between the threshold and underperformance, between underperformance and the target, between the target and outperformance or between outperformance and the maximum. No Performance Units will be Earned below the threshold level of Performance in any applicable Performance Period.  No Earned Performance Units will become vested and/or delivered until the vesting conditions set forth below are also satisfied.  

At the end of any Performance Period (or such earlier date as provided below upon either certain terminations of employment or upon a Change in Control), any Performance Units that do not become Earned based upon the Company’s Performance shall be forfeited with no further compensation due to the Grantee on account thereof.

	

The following terms shall be defined as set forth below:
•“Earned” means Performance Units for which the applicable Performance has been attained for an applicable Performance Period.  
•“Peer Group” means the following [∙] companies: [∙], subject to the following adjustments.   
Notwithstanding the foregoing:
(a)if the Grantee ceases to be employed by the Company (and its Affiliates, as applicable) during any Performance Period as a result of his or her death or Disability, all previously Earned Performance Units with respect to all previously competed Performance Periods and 100% of the Target Number of the Performance Units for any incomplete Performance Period(s) (to the extent such Performance Units were 

not previously forfeited) will immediately vest (and will, to the extent applicable, be deemed Earned), and any remaining Performance Units will be forfeited immediately upon such termination; and 
(b)in the event of a Change in Control that occurs during any Performance Period (i) any, if any, previously Earned Performance Units with respect to all previously completed Performance Periods will immediately vest and [∙], in either such case, immediately vest (and will, to the extent applicable, be deemed Earned), and any remaining Performance Units will be forfeited immediately upon the closing of such Change in Control.
If the Grantee’s employment with the Company and its Affiliates terminates or is terminated for any other reason other than as set forth above, any Restricted Stock Units that are then still subject to vesting conditions as of such date (regardless of whether such units are Earned or unearned) shall be immediately forfeited with no other compensation due to the Grantee.

The Performance Units will, to the extent Earned, be deemed vested on [∙], subject to the Grantee’s continued employment through such date (or such earlier date as set forth above) and a number of the shares of the Company’s common stock equal to the number of such Earned and vested Performance Units will be issued to the Grantee, either by book-entry registration or issuance of a stock certificate or certificates, as soon as administratively practicable following the date that the Committee determines the extent to which the applicable Performance has been attained, but in no event later than [∙].  In the event the Performance Units become Earned and vested as a result of a Change in Control or the Grantee’s death or Disability, the shares of the Company’s common stock underlying such units will be issued not later than ten (10) business days following the date of such Change in Control or the Grantee’s death or Disability, subject to any applicable delay set forth in Section 7 of the below Agreement.
FIVE BELOW, INC.

By:
Name:  
Title:  
DATED:  

Award Agreement for Restricted Stock Units under the Five Below, Inc.
Amended and Restated Equity Incentive Plan
THIS AWARD AGREEMENT FOR RESTRICTED STOCK UNITS (this “Agreement”) is made by Five Below, Inc. (the “Company”) to the participant named on the grant schedule attached hereto (the “Grantee”), dated as of the date set forth on the grant schedule attached hereto (the “Grant Date”).
RECITALS
WHEREAS, the Company desires to award Restricted Stock Units to the Grantee under the Five Below, Inc. Amended and Restated Equity Incentive Plan, as amended (the “Plan”), pursuant to the terms of this Agreement.
NOW, THEREFORE, in consideration of these premises and the agreements set forth herein, the parties, intending to be legally bound hereby, agree as follows:
1.Grant Schedule.  Certain terms of the grant of Restricted Stock Units are set forth on the grant schedule (the “Grant Schedule”) that is attached to, and is a part of, this Agreement.
2.Grant of Restricted Stock Units.  As of the Grant Date, pursuant to the Plan, the Company hereby awards to the Grantee the number of Restricted Stock Units set forth on the Grant Schedule (the “Award”), subject to the restrictions and on the terms and conditions set forth in this Agreement and the Plan.  The terms of the Plan are hereby incorporated into this Agreement by this reference, as though fully set forth herein.  Capitalized terms used but not defined herein, including the Grant Schedule, will have the same meaning as defined in the Plan.
3.Grant Date.  The Grant Date of the Restricted Stock Units is set forth on the Grant Schedule.
4.Performance Target.  To the extent that the Grant Schedule includes a performance-based target, the Grant Schedule will specify the extent to which the Restricted Stock Units will be forfeited for failure to achieve the performance-based target.
5.Vesting.  Subject to the further provisions of this Agreement, the Restricted Stock Units will become “Earned” (as such term is defined in the Grant Schedule) and will vest as set forth on the Grant Schedule (the date on which Restricted Stock Units vest being referred to as a “Vesting Date”).  No Earned Restricted Stock Units will be considered vested until such Earned units vest in accordance with the Grant Schedule.
6.Transferability.  The Restricted Stock Units are not transferable or assignable otherwise than by will or by the laws of descent and distribution.  Any attempt to transfer Restricted Stock Units, whether by transfer, pledge, hypothecation or otherwise and whether voluntary or involuntary, by operation of law or otherwise, will not vest the transferee with any interest or right in or with respect to such Restricted Stock Units.
7.Termination of Employment.  In the event of the Grantee’s termination of service with the Company and its Affiliates that is a “separation from service” within the meaning of section 409A of the Code and applicable Treasury Regulations issued under section 409A, all unvested Restricted Stock Units will vest or be forfeited according to the terms and conditions of the Grant Schedule, unless the Grantee’s employment agreement provides for a result that is more favorable to the Grantee.  To the extent compliance with the requirements of Treasury Regulation § 1.409A-3(i)(2) is necessary to avoid the application of an additional tax under section 409A of the Code to the issuance of Shares to the Grantee, then any issuance of Shares to the Grantee that would otherwise be made during the six-month period beginning on the date of such termination will be deferred and delivered to the Grantee immediately following the lapse of such six-month period.

8.Issuance of Shares.
a.Unless otherwise set forth on the Grant Schedule or as otherwise required under Section 7, within 2 and 1⁄2 months following any Vesting Date (including any accelerated vesting date provided in the Grant Schedule or pursuant to the Grantee’s employment agreement), the Company shall issue to the Grantee, either by book-entry registration or issuance of a stock certificate or certificates, a number of Shares equal to the number of Restricted Stock Units granted hereunder that have vested as of such date.  Any Shares issued to the Grantee hereunder shall be fully paid and non-assessable.
b.The Company may require as a condition of the issuance of Shares, pursuant to Section 8(a) hereof, that the Grantee remit to the Company an amount sufficient in the opinion of the Company to satisfy any federal, state and other governmental tax withholding requirements related to the issuance of such Shares.  The Committee, in its sole discretion, may permit the Grantee to satisfy such obligation by delivering Shares or by directing the Company to withhold from delivery Shares, in either case valued at their Fair Market Value on the applicable issuance date, with fractional Shares being settled in cash.
c.The Grantee will not be deemed for any purpose to be, or have rights as, a stockholder of the Company by virtue of the grant of Restricted Stock Units, until Shares are issued in settlement of such Restricted Stock Units pursuant to Section 8(a) hereof.  Upon the issuance of a stock certificate or the making of an appropriate book entry on the books of the transfer agent, the Grantee will have all of the rights of a stockholder.
9.Securities Matters.  The Company shall be under no obligation to effect the registration pursuant to the Securities Act of 1933, as amended (the “1933 Act”) of any interests in the Plan or any Shares to be issued thereunder or to effect similar compliance under any state laws.  The Company shall not be obligated to cause to be issued any Shares, whether by means of stock certificates or appropriate book entries, unless and until the Company is advised by its counsel that the issuance of such Shares is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which Shares are traded.  The Committee may require, as a condition of the issuance of Shares pursuant to the terms hereof, that the recipient of such Shares make such covenants, agreements and representations, and that any certificates bear such legends and any book entries be subject to such electronic coding or stop order, as the Committee, in its sole discretion, deems necessary or desirable.  The Grantee specifically understands and agrees that the Shares, if and when issued, may be “restricted securities,” as that term is defined in Rule 144 under the 1933 Act and, accordingly, the Grantee may be required to hold the Shares indefinitely unless they are registered under the 1933 Act or an exemption from such registration is available.
10.Delays or Omissions.  No delay or omission to exercise any right, power or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, will impair any such right, power or remedy of such party, nor will it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring, nor will any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  Any waiver, permit, consent or approval of any kind or character by the of any breach or default under this Agreement, or any waiver on the part of any party or any provisions or conditions of this Agreement, must be in a writing signed by such party and will be effective only to the extent specifically set forth in such writing.
11.Withholding.  The Company reserves the right to withhold, in accordance with any applicable laws, from any consideration payable or property transferable to Grantee any taxes required to be withheld by federal, state or local law as a result of the grant or vesting of this Award or other disposition of the Shares.
12.Right of Discharge Preserved.  The grant of Restricted Stock Units hereunder will not confer upon the Grantee any right to continue in service with the Company or any of its subsidiaries or Affiliates.

13.The Plan.  By accepting this Award, the Grantee acknowledges that the Grantee has received a copy of the Plan, has read the Plan and is familiar with its terms, and accepts the Restricted Stock Units subject to all of the terms and provisions of the Plan, as amended from time to time.  Pursuant to the Plan, the Board or its Committee is authorized to interpret the Plan and to adopt rules and regulations not inconsistent with the Plan as it deems appropriate.  By accepting this Award, the Grantee acknowledges and agrees to accept as binding, conclusive and final all decisions or interpretations of the Board or its Committee upon any questions arising under the Plan.
14.Governing Law.  This Agreement and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter this Agreement) shall be governed by, and enforced in accordance with, the laws of the Commonwealth of Pennsylvania, without regard to the application of the principles of conflicts of laws.
The Award is made by the Company as of the date stated in the introductory paragraph.
FIVE BELOW, INC.

By:
Name:  
Title:  
DATED:Exhibit
10.1

 

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

 

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 SUBORDINATION AGREEMENT,
DATED ON OR ABOUT SEPTEMBER 30, 2017, BY AND BETWEEN CROSSROADS FINANCIAL GROUP, LLC AND THE INITIAL HOLDER HEREOF. IN THE EVENT
OF ANY CONFLICT BETWEEN THE TERMS OF SUCH SUBORDINATION AGREEMENT AND THIS NOTE, THE TERMS OF THE SUBORDINATION AGREEMENT SHALL
GOVERN AND CONTROL.

 

Convertible
Secured Promissory Note

 

	$2,871,967	November
    29, 2020 (the “Effective Date”)
	CPN-4	Los
    Angeles, California

 

For
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, MusclePharm Corporation,
a Nevada corporation (the “Company”), promises to pay to Ryan Drexler or his assigns (the “Holder”)
the principal sum of Two Million, Eight Hundred Seventy-one Thousand, Nine Hundred Sixty-Seven Dollars ($2,871,967), plus
interest on the outstanding principal amount at the rate of twelve percent (12%) per annum, in each case in accordance with the
terms and subject to adjustment as set forth in this note (this “Note”).

 

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

 

This
Note is subject to the following terms and conditions:

 

1. Maturity.

 

(a) Repayment.
Unless earlier converted or repaid (as applicable) as provided in Sections 1(d), 2 or 3, all outstanding principal (including
any PIK Interest) and any accrued but unpaid interest under this Note (whether or not that interest has been capitalized) (the
“Conversion Amount”), shall be due and payable on July 1, 2021 (as such date may be accelerated solely in accordance
with the terms hereof, the “Maturity Date”).

 

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(b) Interest.

 

(i) Interest
on this Note shall commence on the Effective Date and shall continue and accrue daily at the applicable rate on the outstanding
principal amount until paid in full or converted in accordance with this Note.

 

(ii) Interest
shall be computed on the basis of a year of 365 days for the actual number of days elapsed.

 

(iii) Accrued
and unpaid interest shall be paid by the Company to the Holder in cash on the last day of each calendar quarter (each such date,
an “Interest Payment Date”), provided that, at the irrevocable election of the Company (as determined
by the independent directors of the Board) made in writing by notice to the Holder at least two (2) business days prior to any
Interest Payment Date, and so long as no Event of Default has occurred and is then continuing, the Company may elect to pay the
PIK Amount of such interest either (at the sole option of the independent directors of the Board) (i) in kind by increasing the
principal amount of this Note by such PIK Amount, convertible into shares of the Company’s Common Stock, $0.001 par value
per share (“Common Stock”), at the closing price per share on the last business day of such calendar quarter immediately
preceding such Interest Payment Date, rounded down to the nearest whole share on such Interest Payment Date. In no event, shall
the conversion price on such PIK Amount be less than $0.10 or (ii) in shares of the Company’s Common Stock, $0.001 par value
per share (“Common Stock”), at the closing price per share on the last business day of such calendar quarter
immediately preceding such Interest Payment Date, rounded down to the nearest whole share on such Interest Payment Date. The “PIK
Amount” shall, in respect of any Interest Payment Date, be an amount equal to one-sixth of the interest otherwise payable
on such Interest Payment Date. Any interest paid in kind by adding such interest then due to the unpaid principal amount shall
be referred to as “PIK Interest.”

 

(iv)
Any interest not paid when due in cash (including any PIK Interest) shall be capitalized and added to the principal amount of
this Note and shall bear interest, compounded annually, along with all other unpaid principal, capitalized interest and other
capitalized obligations hereunder.

 

(c) Events
of Default.

 

(i) Notwithstanding
Section 1(a) above, at the option and upon the declaration of the Holder and upon written notice to the Company, the entire Conversion
Amount shall become due and payable upon an Event of Default. The occurrence of the following shall constitute an “Event
of Default”:

 

(1) the
Company fails to pay any and all unpaid principal, accrued and unpaid interest and all other amounts owing under the Note and
the Security Agreement when due and payable pursuant to the terms of the Note; provided, however, that an Event
of Default shall not be deemed to have occurred on account of a failure to pay due solely to an administrative or operational
error of any depositary institution that is crediting by ACH or wiring such payment if the Company had the funds to make the payment
when due and payment is received by the Holder within two (2) business days following the Company’s knowledge of such failure
to pay;

 

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(2) 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;

 

(3) an
involuntary petition is filed against the Company or any of its subsidiaries (unless such petition is dismissed or discharged
within forty-five (45) days) under any bankruptcy statute or similar law now or hereafter in effect, or a custodian, receiver,
trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control
of any property of the Company; or

 

(4) the
Company breaches any other material term of this Note or the Security Agreement (unless, in the case of any curable material breach,
such material breach is cured within thirty (30) days of the earlier of the date on which (x) the Holder has given notice of such
breach to the Company and (y) the Company has actual knowledge of such breach);

 

(5) 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 Holder;
provided, that, the foregoing shall not constitute an Event of Default if undertaken, caused, approved or voted
in favor of by the Holder in his capacity as an employee, officer or director of the Company;

 

(6) a
final judgment or judgments for the payment of money aggregating in excess of $100,000 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;

 

(7) 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 $100,000 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 $100,000, other than 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;
provided, that, the foregoing shall not constitute an Event of Default if undertaken, caused, approved or voted
in favor of by the Holder in his capacity as an employee, officer or director of the Company; or

 

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(8) 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 or voted in favor of by the Holder in his capacity as an employee, officer or director
of the Company; provided, however, that all obligations under this Note, including without limitation
all principal (including any PIK Interest) and all accrued and unpaid interest, shall be accelerated, and shall be immediately
and automatically due and payable without any notice to the Company or other action, upon the occurrence of any Event of Default
described in clause (2) or (3) of this Section 1(c)(i).

 

(d) Conversion.
The Holder may at any time, and from time to time, in the sole discretion of the Holder, upon written notice to the Company, elect
to convert all or a portion of the Conversion Amount into shares of the Common Stock, at a price per share equal to twenty-three
cents ($0.23), rounded down to the nearest whole share.

 

2. Mechanics
and Effect of Conversion. 

 

(a) Effectiveness
of Conversion. Upon conversion of this Note, the Company will be forever released from all of its obligations and liabilities
under this Note with respect to that portion of the Conversion Amount being converted, including without limitation the obligation
to repay such portion of the principal amount and accrued and unpaid interest. Principal and accrued and unpaid interest on this
Note will be converted proportionally unless otherwise specified by the Holder. Upon conversion of this Note, the Company shall
take all such actions as are necessary in order to ensure that the Common Stock issuable with respect to such conversion shall
be validly issued, fully paid and nonassessable.

 

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

 

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

 

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

 

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

 

5. Covenants.

 

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

 

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

 

(ii) “Permitted
Indebtedness” shall mean (a) Indebtedness evidenced by this Note; (b) Indebtedness in respect of taxes, fees, assessments
or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings; provided,
that Company maintains adequate reserves therefor; (c) Indebtedness existing as of the date hereof (1) and set forth on the schedule
of Permitted Indebtedness attached hereto, or pursuant to an instrument set forth on such schedule or (2) payable to the Holder
pursuant to another instrument; (d) Indebtedness to trade creditors (including suppliers) incurred in the ordinary course of business,
including Indebtedness incurred in the ordinary course of business with corporate credit cards; (e) extensions, refinancings,
repayment and renewals of the obligations under this Note and under any Permitted Indebtedness described in clause (d) above,
provided that the principal amount is not increased or the terms modified to impose materially more burdensome terms
upon the Company, and (f) Subordinated Indebtedness incurred after the date of this Note and approved by a majority of the independent
directors of the Board of Directors of the Company (the “Board”).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	7

    	 

    

 

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

 

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

 

17. Indemnification.
The Company shall, to the fullest extent permitted by law, indemnify (but only to the extent of and out of Company assets)
the Holder against all reasonable expenses (including reasonable attorneys’ fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by the Holder in connection with any claim, action, suit or proceeding, whether civil,
criminal, administrative or investigative, before or by any court or any administrative or legislative body or authority, in which
the Holder is involved, as a party or otherwise, or with which the Holder may be threatened, arising in connection with this Note
or the Security Agreement (each, an “Action”), except to the extent the same has been finally adjudicated to
constitute fraud, gross negligence or willful misconduct of the Holder or a breach by the Holder of this Note or the Security
Agreement. Promptly after receipt by the Holder of notice of the commencement or threatened commencement against it of any third
party Action, the Holder will notify the Company. The Company will be entitled to assume the defense of the Action unless the
Holder shall have reasonably concluded that a conflict may exist between the Company and the Holder in conducting the defense
of the Action. If the Company assumes the defense of any Action in accordance with the provisions of this Section, it will not
be liable to the Holder for any legal or other expenses subsequently separately incurred by the Holder in connection with the
defense of such Action. The Company shall not be liable for any settlement of a third-party Action effected without its written
consent, which consent may not be unreasonably withheld.

 

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

 

[Remainder
of Page Intentionally Left Blank]

 

    	8

    	 

    

 

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

 

	 	MusclePharm
    Corporation
	 	 	 
	 	By:	/s/
    Allen Sciarillo
	 	Name:	Allen
    Sciarillo
	 	Title:	Chief
    Financial Officer
	 	 	 
	Acknowledged
    and Agreed:	 	 
	 	 	 
	Ryan
    Drexler	 	 
	 	 	 
	/s/
    Ryan Drexler	 	 

 

    	 

    	 

    

 

Schedule
of Permitted Indebtedness

 

Purchase
and Sale Agreement, dated as of January 11, 2016, between the Company and Prestige Capital Corporation, as amended or modified
through the date hereof, and as hereafter amended or modified with the consent of the Holder in his capacity as such or as a director
or officer of the Company, providing for aggregate borrowings up to a maximum principal amount of $12,000,000 (as amended).

 

Capital
leases outstanding at September 30, 2020 described in Note 6 to the Consolidated Financial Statements contained in the Company’s
Form 10-Q for the quarterly period ended September 30, 2020.

 

Amounts
payable under the Settlement Agreement, dated as of September 25, 2020, between the Company and NBF Holdings Canada Inc.

 

Schedule
of Permitted Liens

 

Loan
and Security Agreement, dated as of October 6, 2017, among the Company, Canada MusclePharm Enterprises Corp. and Crossroads Financial
Group, LLC, as amended or modified through the date hereof, and as hereafter amended or modified with the consent of the Holder
in his capacity as such or as a director or officer of the Company, providing for aggregate borrowings up to a maximum principal
amount of $4,000,000 (as amended).

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