Document:

Exhibit 10.3

 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT
AGREEMENT

 

THIS AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of October 18, 2012 (the “Effective
Date”), by and between MusclePharm Corporation, a Nevada Corporation (the “Company”), and John H.
Bluher, an individual (“Executive”). The Company and Executive are sometimes referred to herein as a “party”
or collectively as the “parties.”

 

RECITALS

 

WHEREAS, the Company
and Executive previously entered into an Executive Employment Agreement dated September 15, 2011 (the “Original Agreement”);

 

WHEREAS, by unanimous
written consent of the Board of Directors (the “Board”) of the Company, the Board named Executive to serve as
Executive Vice President and Chief Operating Officer to manage the Company and its operations;

 

WHEREAS, Executive
is willing to continue to be employed by the Company and provide services to the Company under the terms and conditions stated
herein, as of the Effective Date;

 

WHEREAS, the Company
and Executive desire to amend and restate the terms and conditions of the Original Agreement to meet their current mutual needs;
and

 

WHEREAS, the Company
and Executive now mutually desire to enter into this Agreement as approved by the Board.

 

NOW, THEREFORE, in
consideration of the foregoing, of the mutual covenants and agreements herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 

1.          Employment
and Duties

 

1.1           Employment.
The Company hereby employs Executive as Executive Vice President and Chief Operating Officer of the Company at the Company’s
headquarters in Denver, Colorado, and Executive hereby accepts such employment as of the Effective Date pursuant to the terms,
covenants and conditions set forth herein. Executive shall report directly to the Chief Executive Officer (“CEO”)
of the Company. 

 

1.2           Duties.
Executive shall have the overall responsibility for the management of the Company and its operations as Executive Vice President
and Chief Operating Officer, and shall perform all duties and responsibilities and have such powers which are commonly incident
to the offices and positions held by him, as well as any additional responsibilities and authority as may be from time to time
assigned or delegated to him by the CEO and the Board. Executive shall perform the duties assigned to him to the best of his ability
and in a manner satisfactory to the Company.

 

1.3           Time
and Efforts. Executive will devote his full business time, efforts, attention, and energies to the business of the Company
and to the performance of Executive’s duties hereunder during the Term (as defined below), and will not engage in any other
business, profession or occupation for compensation or otherwise which would conflict or interfere with the performance of such
services, either directly or indirectly, without the prior written consent of the Company; provided that, nothing herein shall
preclude Executive from (i) continuing to serve on any board of directors or trustees of any “not for profit” organization,
(ii) being involved in charitable activities, or (iii) managing his personal and family passive investments; provided, further
that, in each case, and in the aggregate, such activities shall not materially conflict with or interfere with the performance
of Executive’s duties hereunder or conflict with his duty of loyalty and/or fiduciary duties owed to the Company.

 

    	 

    	 

    

 

2.          Term

 

Unless earlier terminated
as provided in Section 5, the Company shall employ Executive in the capacity set forth herein for a term commencing on the Effective
Date and ending on December 31, 2014 (such period as may be terminated earlier or extended to be referred to herein as the “Term”).

 

3.          Compensation

 

As compensation for
the services to be rendered by Executive for and on behalf of the Company hereunder, Executive shall be entitled to the following:

 

3.1           Base
Salary. Executive shall be paid an annual base salary of three hundred thousand dollars ($300,000) (and further adjusted in
accordance with the provisions of this Agreement, the “Adjusted Base Salary”) beginning on August 1, 2012 and
payable at such intervals as may be established by the Company for payment of its employees under its normal payroll practices.
Salary payments shall be subject to all applicable federal and state withholding, payroll, and other taxes, and all applicable
deductions for benefits as may be required by law or Executive’s authorization. Executive’s Base Salary will be reviewed
at least annually by the Compensation Committee (the “Committee”) of the Board and may be increased at the discretion
of the Committee.

 

3.2           Bonus.
In addition to Base Salary, Executive shall be eligible to receive one or more cash bonuses to be determined by the Committee in
its sole discretion based on performance criteria to be adopted by the Committee. Any such bonus shall be subject to all applicable
federal and state withholding, payroll and other taxes, and all applicable deductions for benefits as may be required by law, and
shall be paid to Executive no later than the 15th day of the third calendar month following the end of the fiscal year (or other
performance period) with respect to which the bonus relates.

 

3.3           Equity
Compensation. Executive may, as determined by the Committee in its discretion, periodically receive grants of stock options,
restricted stock or other equity-related awards from the Company’s various equity compensation plans, subject to the terms
and conditions thereof.

 

3.4           Special
One-Time Equity Grant. The Committee has granted Executive a common stock purchase warrant (the “Warrant”)
exercisable for fifteen million (15,000,000) shares of common stock, $0.001 par value per share (“Common Stock”),
of the Company, with an exercise price of one cent ($.01) per share of Common Stock which has been converted into 9,990,000 shares
of common stock.

 

3.5           Compensation
Committee. Any bonus and any equity consideration to be provided to Executive shall be reviewed and determined by the Committee
on an annual basis to set performance criteria for purposes of compliance with the requirements of Section 162(m) of the Internal
Revenue Code of 1986, as amended (the “Code”).

 

3.6           Expenses.
The Company shall reimburse Executive for all reasonable business expenses incurred by Executive in the performance of his duties,
provided that Executive provides adequate documentation required by law and by the policies and procedures of the Company, as adopted
and amended from time to time, provided that in no event shall Executive submit any required documentation later than sixty (60)
days after the end of the calendar year in which such expense was incurred. Any such reimbursement shall be made as soon as reasonably
practicable but in no event later than the 15th day of the third month following the calendar year in which the applicable expense
was incurred. Executive acknowledges and agrees that all such expenses will be subject to the oversight of the Audit Committee
of the Board. The Company shall also provide Executive with a laptop computer and cell phone for his business use during the Term.

 

3.7           Vacation.
Executive shall be entitled to accrue four (4) weeks of paid vacation each year pursuant to the terms and provisions of the Company’s
vacation leave policies as in effect from time to time. Although unused vacation may be carried over from year to year, the maximum
cap on accrual shall be equal to one hundred fifty percent (150%) of the annual accrual.

 

3.8           Benefits.
Executive shall be entitled to participate in and receive all benefits made available by the Company to its executive officers,
subject to and on a consistent basis with the terms, conditions and overall administration of such plans and arrangements, including
without limitation, medical, dental, vision, life and disability insurance plans and coverage, and defined benefit, defined contribution
or other 401(k) program, including all Company matching provisions.

 

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4.          Confidential
Information; Non-Compete; Non-Solicitation

 

4.1           Confidential
Information. Executive acknowledges that, during the course of his employment, he will have access to and will receive information
which constitutes trade secrets, is of a confidential nature, is of significant value to the Company and/or is a foundation on
which the business of the Company is predicated. With respect to all such Confidential Information (as defined hereafter), Executive
agrees, during the Term and thereafter, not to disclose such Confidential Information to any person other than an employee, counsel,
or advisor of the Company or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance
by Executive of his duties hereunder nor to use such Confidential Information for any purpose other than the performance of his
duties hereunder. For purposes of this Agreement, the term “Confidential Information” includes all data or material
(regardless of form) with respect to the Company or any of its assets, prospects, business activities, officers, directors, employees,
borrowers, or clients which is: (a) a trade secret, as defined by the Uniform Trade Secrets Act; (b) provided, disclosed, or delivered
to Executive by the Company, any officer, director, employee, agent, attorney, accountant, consultant, or other person or entity
employed by the Company in any capacity, any client, borrower, advisor, or business associate of the Company, or any public authority
having jurisdiction over the Company or any business activity conducted by the Company; or (c) produced, developed, obtained or
prepared by or on behalf of Executive or the Company (whether or not such information was developed in the performance of this
Agreement). Notwithstanding the foregoing, the term “Confidential Information” shall not include any information, data,
or material which, at the time of disclosure or use, was generally available to the public other than by a breach of this Agreement,
was available to the party to whom disclosed on a non-confidential basis by disclosure or access provided by the Company or a third
party without breaching any obligations of the Company or such third party, or was otherwise developed or obtained legally and
independently by the person to whom disclosed without a breach of this Agreement. This Section 4.1 shall not preclude Executive
from disclosing Confidential Information if compelled to do so by law or valid legal process, provided that if Executive believes
Executive is so compelled by law or valid legal process, Executive will notify the Company in writing sufficiently in advance of
any such disclosure to allow the Company the opportunity to defend, limit, or otherwise protect its interests against such disclosure
unless such notice is prohibited by law. The rights and obligations of the parties under this paragraph shall survive the expiration
or termination of this Agreement for any reason.

 

4.2           Non-Competition.
As part of the consideration for the compensation and benefits to be paid to Executive hereunder, and in order to protect the Confidential
Information, business goodwill, and business opportunities of the Company, Executive agrees that, during the Term and for a period
of six (6) months after the termination of Executive’s employment and this Agreement, he will not, directly or indirectly,
engage in or become interested financially in, as a principal, employee, partner, contractor, shareholder, agent, manager, owner,
advisor, lender, guarantor, officer, or director, any business (other than the Company) that is engaged in the nutritional supplement
industry and/or related products; provided, however, that Executive shall be entitled to continue to invest in stocks, bonds, or
other securities in any such business (without otherwise participating in such business) if: (a) such stocks, bonds, or other securities
are listed on any United States securities exchange or are publicly traded in an over the counter market; and such investment does
not exceed, in the case of any capital stock of any one issuer, five percent of the issued and outstanding capital stock, or in
the case of bonds or other securities, five percent of the aggregate principal amount thereof issued and outstanding; or (b) such
investment is completely passive and no control or influence over the management or policies of such business is exercised.

 

4.3           Non-Solicitation.
Executive agrees that he will not, at any time during the Term, or at any time within twelve (12) months after the termination
of his employment, for his own account or benefit or for the account or benefit of any other person, firm or entity, directly or
indirectly, solicit for employment any employee of the Company (or any person who was an employee of the Company in the 90-day
period before such solicitation) or induce any employee of the Company (or any person who was an employee of the Company in the
90-day period before such inducement) to terminate his employment with the Company. Notwithstanding the above, the restrictions
relating to persons employed in the 90-day period referenced in the parentheticals in the immediately preceding sentence shall
not apply to a person who was a party to an employment agreement with the Company and who terminates his employment for Good Reason
or is terminated by the Company without Cause. The rights and obligations of the parties under this Section 4.3 shall survive the
expiration or termination of this Agreement for any reason.

 

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4.4            Proprietary
Matters. Executive expressly agrees that any and all improvements, inventions, discoveries, processes, or know-how that are
generated or conceived by Executive during the Term, whether conceived during Executive’s regular working hours or otherwise,
will be the sole and exclusive property of the Company. Whenever requested by the Company (either during the Term or thereafter),
Executive will assign or execute any and all applications, assignments and/or other documents, and do all things which the Company
reasonably deems necessary or appropriate, in order to permit the Company to: (a) assign and convey, or otherwise make available
to the Company, the sole and exclusive right, title, and interest in and to said improvements, inventions, discoveries, processes
or know-how; or (b) apply for, obtain, maintain, enforce and defend patents, copyrights, trade names, or trademarks of the United
States or of foreign countries for said improvements, inventions, discoveries, processes, or know-how. However, the improvements,
inventions, discoveries, processes, or know-how generated or conceived by Executive and referred to in this Section 4.4 (except
those which may be included in the patents, copyrights, or registered trade names or trademarks of the Company) will not be exclusive
property of the Company at any time after having been disclosed or revealed or have otherwise become available to the public or
to a third party on a non-confidential basis other than by a breach of this Agreement, or after they have been independently developed
or discussed without a breach of this Agreement by a third party who has no obligation to the Company. The rights and obligations
of the parties under this Section 4.4 shall survive the expiration or termination of this Agreement for any reason.

 

4.5            Injunctive
Relief. Executive acknowledges and agrees that any violation of Sections 4.1, 4.2, 4.3 or 4.4 of this Agreement would result
in irreparable harm to the Company and, therefore, agrees that, in the event of an actual, suspected, or threatened breach of Sections
4.1, 4.2, 4.3 or 4.4 of this Agreement, the Company shall be entitled to an injunction restraining Executive from committing or
continuing such actual, suspected or threatened breach. The parties acknowledge and agree that the right to such injunctive relief
shall be cumulative and shall not be in lieu of, or be construed as a waiver of the Company’s right to pursue, any other
remedies to which it may be entitled in law or in equity. The parties agree that for purposes of Sections 4.1, 4.2, 4.3 and 4.4
of this Agreement, the term “Company” shall include the Company and its affiliates.

 

5.          Termination

 

Executive’s employment
by the Company and this Agreement may be terminated before the expiration of the Term, without breach of this Agreement, in accordance
with the provisions set forth below:

 

5.1        Termination
by the Company for Cause. The Company may terminate Executive’s employment and this Agreement for Cause (as defined below),
but only after: (i) giving Executive written notice of the failure or conduct which the Company believes to constitute Cause; and
(ii) with respect to elements (a) through (e) below, providing Executive a reasonable opportunity, and in no event more than twenty
(20) days, to cure such failure or conduct, unless the Board determines in its good faith judgment that such failure or conduct
is not reasonably capable of being cured. In the event Executive does not cure the alleged failure or conduct within the time frame
provided for such cure by the Company, the Company shall send him written notice specifying the effective date of termination.
The failure by the Company to set forth in the notice referenced in this Section 5.1 any fact or circumstance which contributes
to a showing of Cause shall not waive any right of the Company to assert, or preclude the Company from asserting, such fact or
circumstance in enforcing its rights hereunder. For purposes of this Agreement, the term “Cause” means:

 

(a)          Executive’s
breach of duty (other than inadvertent acts or omissions) involving fraud, dishonesty, disloyalty, or a conflict of interest; or

 

(b)          The
willful failure by Executive to perform his duties in any material respect as required hereunder (other than any such failure resulting
from Executive’s incapacity due to physical or mental illness or disability) or the commission by Executive of an act of
willful misconduct in any material respect with respect to the Company; or

 

(c)          The
engaging by Executive in conduct which is demonstrably and materially injurious to the Company; or

 

(d)          The
willful engaging, or failure to engage, by Executive in conduct which is in material violation of any term of this Agreement or
the terms of any of the Company’s written policies and procedures; or

 

(e)           Executive’s
failure to cooperate with any investigation or inquiry authorized by the Company or conducted by a governmental authority related
to the Company’s or Executive’s conduct; or

 

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(f)           Executive’s
conviction of, or entry of a plea agreement or consent decree or similar arrangement with respect to, any felony, any crime involving
deceit, fraud, perjury, or embezzlement, or any violation of federal or state securities laws.

 

If the Company terminates Executive’s
employment for Cause, then Executive shall be entitled to receive the payments and benefits set forth in Section 6.1 below.

 

The Company may suspend Executive with
pay pending an investigation authorized by the Company or a governmental authority or a determination whether Executive has engaged
in acts or omissions constituting Cause, and such paid suspension shall not constitute Good Reason or a termination of Executive’s
employment.

 

5.2           Termination
by the Company Without Cause.

 

(a)          The
Company may terminate the employment of Executive and this Agreement at any time during the Term of this Agreement without Cause
by giving Executive written notice of such termination, to be effective thirty (30) days following the giving of such written notice,
in which case Executive shall receive the compensation, severance, and benefit continuation required by Section 6.3 below; provided,
however, that if Company terminates Executive’s employment without Cause during the Protection Period (as defined below),
then Executive shall be entitled to receive the payments and benefits set forth in Section 6.4 below.

 

(b)          For
purposes of this Agreement, the term “Protection Period” means the period of time commencing on the date of
the first occurrence of a Change in Control (as defined below in Section 5.2(c)) and continuing until the earlier of the (i) the
second anniversary of the first occurrence of the Change in Control and (ii) the Term of this Agreement; and the six (6) month
period prior to such Change in Control date if the Executive is terminated without Cause or terminates for Good Reason and in either
case such termination (x) was requested by the third party that effectuates the Change in Control, or (y) occurs in connection
with or in anticipation of a Change in Control, it being agreed that any such action taken following stockholder approval of a
transaction which if consummated would constitute a Change in Control shall be deemed to be in anticipation of a Change in Control
provided such transaction is actually consummated.

 

(c)          For
purposes of this Agreement, the term “Change in Control” means the happening of any of the following events:
(i) the acquisition by any one person, or more than one person acting as a group, of ownership of stock of the Company that, together
with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting
power of the stock of the Company; (ii) the acquisition by any one person, or more than one person acting as a group, of all or
substantially all of the Company’s assets during the 12-month period ending on the date of the most recent acquisition; or
(iii) when a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election
is not endorsed by a majority of the members of the Board before the date of the appointment or election. For purposes of this
Agreement, the term “substantially all” means at least 60% of the assets of the Company immediately before such
acquisition(s).

 

5.3           Termination
by the Company Due to Inability to Perform or Death. Executive’s employment and this Agreement may be terminated by the
Company as follows:

 

(a)          To
the extent permitted by law, upon thirty (30) days’ notice to Executive in the event of Executive’s Inability to Perform.
For this purpose, the term “Inability to Perform” means and shall be deemed to have occurred if Executive has
been determined under the Company’s long-term disability plan to be eligible for long-term disability benefits or, in the
event the Company does not maintain such a plan or in the absence of Executive’s participation in or application for benefits
under such a plan, such term shall mean the inability of Executive, despite any reasonable accommodation required by law, due to
bodily injury or disease or any other physical or mental incapacity, to perform the services required hereunder for a period of
ninety (90) consecutive days; or

 

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(b)          Immediately
upon the death of Executive.

 

5.4           Termination
by Executive for Good Reason. Executive may terminate his employment and this Agreement at any time for Good Reason (as defined
below). A termination of employment and this Agreement by Executive for Good Reason shall entitle Executive to payments and other
benefits as specified in Section 6.3, unless such termination occurs during the Protection Period in which case the payments and
benefits in Section 6.4 shall apply. For purposes of this Agreement, the term “Good Reason” means, subject to
the notice and cure provisions herein, any of the following actions if taken without Executive’s prior written consent: (a)
a material reduction of Executive’s Base Salary, unless the salary or compensation reduction is part of a general reduction
for all executive officers of the Company; (b) a permanent relocation of Executive’s principal place of employment to any
location outside of a fifty mile radius of the location from which Executive served the Company immediately prior to the relocation,
provided such relocation is a material change in the geographic location at which Executive must provide services for purposes
of Section 409A of the Code and the regulations thereunder; (c) any material reduction in Executive’s authority, responsibilities
or duties (except for any reduction for Cause as defined above); (d) a material reduction in the authority, responsibilities or
duties of the supervisor to whom Executive is required to report; or (e) any other action or inaction that constitutes a material
breach by the Company of this Agreement. To exercise the option to terminate employment for Good Reason, Executive must provide
written notice to the Company of Executive’s belief that Good Reason exists within sixty (60) days of the initial existence
of the Good Reason condition, and that notice shall describe in reasonable detail the condition(s) believed to constitute Good
Reason. The Company then shall have thirty (30) days to remedy the Good Reason condition(s). If not remedied within that 30-day
period or if the Company notifies Executive that it does not intend to cure such condition(s) before the end of that 30-day period,
Executive may submit a notice of termination to the Company; provided, however, that the notice of termination invoking Executive’s
option to terminate employment for Good Reason must be given no later than one hundred (100) days after the date the Good Reason
condition first arose; otherwise, Executive shall be deemed to have accepted the condition(s), or the Company’s correction
of such condition(s), that may have given rise to the existence of Good Reason.

 

5.5           Termination
by Executive Without Good Reason. Executive may also terminate his employment and this Agreement without Good Reason by providing
at least ninety (90) days’ written notice of such termination to the Company. In the event of a termination pursuant to this
Section 5.5, Executive shall be entitled to payments and other benefits as specified in Section 6.1 below. At the Company’s
option, the Company may accelerate the date of Executive’s termination of employment by paying to Executive the Base Salary
and value of the benefits that Executive would have received during the period by which the date of termination is so accelerated
and such acceleration shall not change the characterization of the termination by Executive as a termination without Good Reason.

 

5.6            Return of
Confidential Information and Company Property. Upon termination of Executive’s employment for any reason, Executive shall
immediately return all Confidential Information and other Company property to the Company.

 

6.          Effect
of Termination

 

6.1           Termination
by the Company for Cause or Termination by Executive Without Good Reason. In the event Executive’s employment and this
Agreement are terminated pursuant to Sections 5.1 or 5.5 above:

 

(a)          The
Company shall pay to Executive, or his representatives, on the date of termination of employment only that portion of the Base
Salary provided in Section 3.1 that has been accrued through the date of termination, any accrued but unpaid vacation pay provided
in Section 3.7, any accrued benefits provided in Section 3.8, and any expense reimbursements due and owing to Executive as of the
date of termination; and

 

(b)          Executive
shall not be entitled to: (i) any other salary or compensation; (ii) any bonus pursuant to Section 3.2; (iii) any equity consideration
pursuant to Section 3.3; nor (iv) any benefits pursuant to Section 3.6; and

(c)          Executive
shall return the laptop computer and cellular telephone provided in Section 3.6 within five (5) business days of the date of termination.

 

6.2           Termination
by the Company Due to Executive’s Inability to Perform or Death. In the event Executive’s employment and this Agreement
are terminated pursuant to Section 5.3 above, the Company shall pay to Executive, or his representatives, all of the following:

 

(a)          The
payments, if any, referred to in Section 6.1(a) above as of the date of termination; and

 

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(b)          Subject
to compliance with Section 409A of the Code, an amount equal to the greater of (i) one hundred percent (100%) of Executive’s
target bonus for the year in which the date of termination occurs in the event a target bonus for the year in which the date of
termination occurs has been established or if not, one hundred percent (100%) of Executive’s most recent annual bonus; and
(ii) a bonus for such year as may be determined by the Committee in its sole discretion. This amount shall be paid in the form
of a lump sum, less applicable statutory deductions and withholdings, as soon as practicable after the date of termination, but
no later than March 15 of the year immediately following the year in which the date of termination occurs; and

 

(c)          For
a termination due to Inability to Perform only, and provided that Executive or his representative signs a Release (as defined in
Section 17), then the Company shall pay Executive a severance equal to six (6) months of Executive’s Base Salary at the time
of termination. This severance amount shall be paid to Executive in equal regular installments over the six (6) month period pursuant
to the Company’s regular payroll periods, less applicable statutory deductions and tax withholdings. The first installment
shall be paid to Executive on the first payroll period after the date of termination and after the effective date of the Release;
and

 

(d)           Should
Executive or his representatives timely elect to continue coverage under a group health insurance plan sponsored by the Company
or one of its affiliates and timely make the premium payments, reimburse Executive on a monthly basis for the cost of continued
coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) or other applicable law
for Executive and any eligible dependents until the earlier of (i) the date Executive is no longer entitled to continuation coverage
under COBRA or (ii) for twelve (12) months after the date of termination.

 

6.3           Termination
by the Company Without Cause and Without a Change in Control or by Executive for Good Reason Without a Change in Control. In
the event Executive’s employment is terminated pursuant to Sections 5.2 or 5.4 above at any time in which there has not been
a qualifying Change in Control termination, the Company shall pay Executive on the date of termination the payments referred to
in Section 6.1(a) above, and provided that Executive signs a Release (as defined in Section 17), Executive shall also receive all
of the following:

 

(a)          A
severance package equal to the lesser of (i) nine (9) months of Executive’s Base Salary at the time of termination and (ii)
the Base Salary remaining under the Term of this Agreement. This severance amount shall be paid to Executive in equal regular installments
over the three (3) month period pursuant to the Company’s regular payroll periods, less applicable statutory deductions and
tax withholdings. The first installment shall be paid to Executive on the first payroll period after the date of termination and
after the effective date of the Release; and

 

(b)          Subject
to compliance with Section 409A of the Code, an amount equal to the greater of (i) (A) if the date of termination occurs between
January 1 and June 30, then twenty-five percent (25%) of Executive’s target bonus for the year in which the date of termination
occurs in the event a target bonus for the year in which the date of termination occurs has been established or if not, then twenty-five
percent (25%) of Executive’s most recent annual bonus, or (B) if the date of termination occurs between July 1 and December
31, then fifty percent (50%) of Executive’s target bonus for the year in which the date of termination occurs in the event
a target bonus for the year in which the date of termination occurs has been established or if not, then fifty percent (50%) of
Executive’s most recent annual bonus; and (ii) a bonus for such year as may be determined by the Committee in its sole discretion.
This amount shall be paid in the form of a lump sum, less applicable statutory deductions and withholdings, as soon as practicable
after the date of termination, but no later than March 15 of the year immediately following the year in which the date of termination
occurs; and

 

(c)          Should
Executive or his representatives timely elect to continue coverage under a group health insurance plan sponsored by the Company
or one of its affiliates and timely make the premium payments, reimburse Executive on a monthly basis for the cost of continued
coverage under the COBRA for Executive and any eligible dependents until the earlier of (i) the date Executive is no longer entitled
to continuation coverage under COBRA or (ii) for twelve (12) months after the date of termination; and

 

(d)          Unless
otherwise provided in the equity award agreement, all stock options and other stock incentive awards held by Executive will become
fully vested and immediately exercisable and all restrictions on any restricted stock held by Executive will be removed; provided,
however, Executive shall not be released from the black-out periods for the next financial reporting quarter following the date
of termination or Securities Exchange Act of 1934, as amended (the “Exchange Act”), trading obligations typically
required for an executive in this position.

 

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6.4           Termination
by the Company Without Cause After a Change in Control or by Executive for Good Reason After a Change in Control. In the event
Executive’s employment is terminated pursuant to Sections 5.2 or 5.4 above during the Protection Period, the Company shall
pay Executive on the date of termination the payments referred to in Section 6.1(a) above, and provided that Executive signs a
Release (as defined in Section 17), Executive shall also receive all of the following:

 

(a)          Subject
to compliance with Section 409A of the Code, a severance package equal to one year of Executive’s Base Salary immediately
prior to the Change in Control. This severance amount shall be paid to Executive in equal regular installments over a 12-month
period pursuant to the Company’s regular payroll periods, less applicable statutory deductions and tax withholdings. The
first installment shall be paid to Executive on the first payroll period after the date of termination and after the effective
date of the Release; and

 

(b)          Subject
to compliance with Section 409A of the Code, an amount equal to the greater of (i) one hundred percent (100%) of Executive’s
target bonus for the year in which the date of termination occurs in the event a target bonus for the year in which the date of
termination occurs has been established or if not, one hundred percent (100%) of Executive’s most recent annual bonus; and
(ii) a bonus for such year as may be determined by the Committee in its sole discretion. This amount shall be paid in the form
of a lump sum, less applicable statutory deductions and withholdings, as soon as practicable after the date of termination, but
no later than March 15 of the year immediately following the year in which the date of termination occurs; and

 

(c)          A
one-time cash payment of five hundred thousand dollars ($500,000.00), less applicable statutory deductions and tax withholdings,
to be paid within thirty (30) days of the date of termination; and

 

(d)          Should
Executive or his representatives timely elect to continue coverage under a group health insurance plan sponsored by the Company
or one of its affiliates and timely make the premium payments, reimburse Executive on a monthly basis for the cost of continued
coverage under the COBRA for Executive and any eligible dependents until the earlier of (i) the date Executive is no longer entitled
to continuation coverage under COBRA or (ii) for twelve (12) months after the date of termination; and

 

(e)          All
stock options and other incentive awards held by Executive will become fully vested and immediately exercisable and all restrictions
on any restricted stock held by Executive will be removed; provided, however, Executive shall not be released from the black-out
periods for the next financial reporting quarter following the date of termination or Exchange Act, trading obligations typically
required for an executive in this position.

 

7.          Successors
and Assigns

 

This Agreement is personal
in nature, and neither this Agreement nor any part of any obligation herein shall be assignable by Executive. The Company shall
be entitled to assign this Agreement to any affiliate of the Company or any person or entity that assumes the ownership and control
of the business of the Company. This Agreement shall inure to the benefit of and shall be binding upon the parties and their successors
and assigns.

 

8.          Severability

 

Should any term, provision,
covenant or condition of this Agreement be held to be void or invalid, the same shall not affect any other term, provision, covenant
or condition of this Agreement, but such remainder shall continue in full force and effect as though each such voided term, provision,
covenant, or condition is not contained herein.

 

9.          Governing
Law and Venue

 

This Agreement shall
be governed by and construed in accordance with the laws of the State of Colorado, excluding its choice-of-law principles. Subject
to Sections 4.5 and 10, and without in any way limiting the applicability of binding arbitration, each of the parties submits to
the exclusive jurisdiction of any state or federal court sitting in Denver, Colorado in any action or proceeding arising out of
or relating to this Agreement and further agrees that all claims in respect of the action or proceeding may be heard and determined
in any such court to the extent that any court proceeding is necessary in connection with Sections 4.5 and 10, and further agrees
not to bring any action or proceeding arising out of or relating to this Agreement in any other court. Each of the parties agrees
that a final judgment in any action or proceeding so brought shall be conclusive and may be enforced by suit on the judgment or
in any other manner so provided by law.

 

    	-8-

    	 

    

  

10.         Binding
Arbitration

 

Except as provided
in Section 4.5, any and all disputes which involve or relate in any way to this Agreement and/or to Executive’s employment,
Executive’s termination of employment with the Company or termination of this Agreement, whether initiated by Executive or
by the Company and whether based on contract, tort, statute, or common law, shall be submitted to and resolved by final and binding
arbitration as the exclusive method for resolving all such disputes. The arbitration shall be private and confidential and conducted
in Denver, Colorado pursuant to the Federal Arbitration Act and applicable Colorado law, and pursuant to the applicable rules of
the American Arbitration Association (“AAA”) relating to employment disputes, unless the parties otherwise mutually
agree to modify the AAA Rules.

 

The party demanding
arbitration shall submit a written claim to the other party, setting out the basis of the claim or claims, within the time period
of any applicable statute of limitations relating to such claim(s). If the parties cannot mutually agree upon an arbitrator, then
the parties shall select a neutral arbitrator through the procedures established by the AAA. The arbitrator shall have the powers
provided under the Colorado Code of Civil Procedure relating to the arbitration of disputes, except as expressly limited or otherwise
provided in this Agreement. The parties shall have the right to reasonable discovery as mutually agreed or as determined by the
arbitrator, including at least one deposition each, it being the goal of the parties to resolve any disputes as expeditiously and
economically as reasonably practicable. The parties agree to share equally in the payment of the administration costs of the AAA
arbitration, including payment of the fees for the arbitrator, and any other costs directly related to the administration of the
arbitration. The parties shall otherwise be responsible for their own respective costs and attorneys’ fees relating to the
dispute, such as deposition costs, expert witnesses and similar expenses, except as otherwise provided in this Agreement to the
prevailing party.

 

The arbitrator may
award, if properly proven, any damages or remedy that a party could recover in a civil litigation, and shall award costs and reasonable
attorneys’ fees to the prevailing party. The award of the arbitrator shall be issued in writing, setting forth the basis
for the decision, and shall be binding on the parties to the fullest extent permitted by law, subject to any limited statutory
right to appeal as provided by law. Judgment upon the award of the arbitrator may be entered in any court having proper jurisdiction
and enforced as provided by law.

 

This agreement to arbitrate
is freely negotiated between Executive and the Company and is mutually entered into between the parties. Each party understands
and agrees that it is giving up certain rights otherwise afforded to it by civil court actions, including but not limited to the
right to a jury trial; provided, however, that either party may seek provisional remedies in a court of competent jurisdiction
as provided pursuant to applicable law.

 

11.         Section
Headings

 

The section headings
herein are inserted only as a matter of convenience and reference and in no way define, limit or describe the scope of this Agreement
or the intent of any provisions hereof.

 

    	-9-

    	 

    

 

12.         Compliance
with Section 409A of the Code

 

Notwithstanding anything
herein to the contrary, (a) if at the time of Executive’s termination of employment with the Company Executive is a “specified
employee” as such term is defined in Section 409A of the Code and the regulations thereunder, and the deferral of the commencement
of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to
prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment
of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive)
until the date that is six (6) months following Executive’s termination of employment with the Company (or the earliest date
as is permitted under Section 409A of the Code) and (b) if any other payments of money or other benefits due to Executive hereunder
could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits
shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such
payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board, that does not cause
such an accelerated or additional tax. In the event that payments under this Agreement are deferred pursuant to this Section 12
in order to prevent any accelerated tax or additional tax under Section 409A of the Code, then such payments shall be paid at the
time specified under this Section 12 without any interest thereon. The Company shall consult with Executive in good faith regarding
the implementation of this Section 12; provided that neither the Company nor any of its employees or representatives shall have
any liability to Executive with respect thereto. Notwithstanding anything to the contrary herein, a termination of employment shall
not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits
upon or following a termination of employment unless such termination is also a “Separation from Service” as such term
is defined in Section 409A of the Code and the regulations and guidance promulgated thereunder and, for purposes of any such provision
of this Agreement, references to a “resignation,” “termination,” “termination of employment,”
or like terms shall mean Separation from Service. For purposes of Section 409A of the Code, each payment made under this Agreement
shall be designated as a “separate payment” within the meaning of the Section 409A of the Code. Notwithstanding anything
to the contrary herein, except to the extent any expense, reimbursement or in-kind benefit provided pursuant to this Agreement
does not constitute a “deferral of compensation” within the meaning of Section 409A of the Code: (x) the amount of
expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar year will not affect the amount
of expenses eligible for reimbursement or in-kind benefits provided to Executive in any other calendar year, (y) the reimbursements
for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following
the calendar year in which the applicable expense is incurred, and (z) the right to payment or reimbursement or in-kind benefits
hereunder may not be liquidated or exchanged for any other benefit.

 

13.         Entire
Agreement

 

This Agreement contains
the entire agreement of the parties relating to the subject matter hereof, and this Agreement supersedes and replaces in all respects
the Original Agreement. Further, the parties hereto have made no agreements, representations, or warranties relating to the subject
matter of this Agreement that are not set forth otherwise herein. In this regard, each of the parties represents and warrants to
the other party that such party is not relying on any promises or representations that do not appear in writing herein. Each of
the parties further agrees and understands that this Agreement can be amended or modified only by a written agreement signed by
all parties.

 

14.         Notice

 

All notices required
or permitted under this Agreement shall be in writing and shall be deemed effective: (a) upon delivery, if delivered in person;
(b) upon delivery to Federal Express or other similar courier service, marked for next day delivery, addressed as set forth below;
(c) upon deposit in United States Mail if sent by registered or certified mail, return receipt requested, addressed as set forth
below; or (d) upon being sent by facsimile transmission, provided an original is mailed the same day by registered or certified
mail, return receipt requested:

 

	If to the Company:	 	MusclePharm Corporation
	 	 	Attn: Chief Executive Officer
	 	 	4721 Ironton Street, Building A
	 	 	Denver, Colorado 80239
	 	 	Facsimile: (800) 490-7165
	 	 	 
	If to Executive:	 	Address on file with the Company

  

15.         Attorneys’
Fees

 

In the event that any
party shall bring an action or proceeding in connection with the performance, breach or interpretation of this Agreement, then
the prevailing party in any such action or proceeding, as determined by the arbitrator, court, or other body having jurisdiction,
shall be entitled to recover from the losing party all reasonable costs and expenses of such action or proceeding, including reasonable
attorneys’ fees, court costs, costs of investigation, expert witness fees, and other costs reasonably related to such action
or proceeding.

 

    	-10-

    	 

    

 

16.         Assistance
with Claims

 

Executive agrees that,
for the period beginning on the Effective Date, and continuing for a reasonable period after the termination or expiration of this
Agreement for any reason, Executive will assist the Company in the defense of any claims that may be made against the Company and
will assist the Company in the prosecution of any claims that may be made by the Company, to the extent such claims may relate
to services performed by Executive for the Company. Executive agrees to promptly inform the Company if Executive becomes aware
of any lawsuits or potential claims that may be filed against the Company. For all assistance occurring after termination of Executive’s
employment by the Company, the Company agrees to provide reasonable compensation to Executive for such assistance. Executive also
agrees to promptly inform the Company if asked to assist in any investigation of the Company (or its actions) that may relate to
services performed by Executive for the Company, regardless of whether a lawsuit has been filed against the Company with respect
to such investigation.

 

17.         Release
of Claims

 

Executive shall not
be entitled to receive the severance pay and benefits under Sections 6.2, 6.3, and 6.4, as applicable, unless (a) Executive executes
and returns to the Company a Release (as defined below) on or before the 50th day following the date of termination or such shorter
time as may be prescribed in the Release, (b) such Release shall not have been timely revoked by Executive, and (c) the date of
termination constitutes a Separation from Service, and provided further, however, that if Executive violates his continuing obligations
under Sections 4.1, 4.2, 4.3, or 4.4, Executive shall not be entitled to receive such severance pay or benefits and Executive shall
immediately repay to the Company upon written demand any severance pay or benefits that already have been paid to Executive. For
purposes of this Agreement, the term “Release” means a waiver and release of claims by Executive in the form
prescribed by the Company, which form may include, without limitation, an agreement by Executive not to disparage the Company,
its affiliates, and other related persons or entities, but which form shall not include a release and waiver of claims for (i)
indemnification or for coverage under officer and director liability policies, if applicable, (ii) claims with respect to the reimbursement
of business expenses or with respect to benefits which are in each case to continue in effect after termination or expiration of
this Agreement in accordance with the terms of this Agreement, (iii) claims he may have as a holder of options to acquire equity
securities of the Company (which shall be governed by the documents by which Executive was granted such options) and (iv) claims
he may have as a stockholder of the Company.

 

18.         Dodd-Frank
Act and Other Applicable Law Requirements

 

Executive agrees (i)
to abide by any compensation recovery, recoupment, anti-hedging, or other policy applicable to executives of the Company and its
affiliates, as may be in effect from time to time, as approved by the Board or a duly authorized committee thereof or as required
by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) or other applicable
law, and (ii) that the terms and conditions of this Agreement shall be deemed automatically amended as may be necessary from time
to time to ensure compliance by Executive and this Agreement with such policies, the Dodd-Frank Act, or other applicable law.

 

19.         Counterparts

 

This Agreement may
be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute
but one and the same instrument.

 

EXECUTIVE HAS BEEN ADVISED
THAT HE SHOULD SEEK INDEPENDENT REVIEW AND ADVICE FROM LEGAL COUNSEL AND TAX ADVISORS AS TO THE SCOPE AND POTENTIAL TAXES WHICH
COULD ARISE FROM THE AGREEMENT.

 

(Signature Page Follows)

 

    	-11-

    	 

    

 

IN WITNESS WHEREOF,
this Agreement is executed as of the day and year first above written.

 

	 	 	MUSCLEPHARM CORPORATION
	 	 	 
	 	 	 
	 	By:	
        /s/ Bradley
        J. Pyatt

	 	Name:	Bradley J. Pyatt
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	 	 
	 	 	EXECUTIVE
	 	 	 
	 	 	 
	 	By:	
        /s/ John
        H. Bluher

	 	Name:	John H. BluherExhibit 10.4

 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT
AGREEMENT

 

THIS AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of October 18, 2012 (the “Effective
Date”), by and between MusclePharm Corporation, a Nevada Corporation (the “Company”), and Jeremy R.
DeLuca, an individual (“Executive”). The Company and Executive are sometimes referred to herein as a “party”
or collectively as the “parties.”

 

RECITALS

 

WHEREAS, the Company
and Executive previously entered into an Executive Employment Agreement dated September 15, 2011 (the “Original Agreement”);

 

WHEREAS, by unanimous
written consent of the Board of Directors (the “Board”) of the Company, the Board named Executive to serve as
Executive Vice President and Chief Marketing Officer to manage the Company and its operations;

 

WHEREAS, Executive
is willing to continue to be employed by the Company and provide services to the Company under the terms and conditions stated
herein, as of the Effective Date;

 

WHEREAS, the Company
and Executive desire to amend and restate the terms and conditions of the Original Agreement to meet their current mutual needs;
and

 

WHEREAS, the Company
and Executive now mutually desire to enter into this Agreement as approved by the Board.

 

NOW, THEREFORE, in
consideration of the foregoing, of the mutual covenants and agreements herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 

1.           Employment
and Duties

 

1.1           Employment.
The Company hereby employs Executive as Executive Vice President and Chief Marketing Officer of the Company at the Company’s
headquarters in Denver, Colorado, and Executive hereby accepts such employment as of the Effective Date pursuant to the terms,
covenants and conditions set forth herein. Executive shall report directly to the Chief Executive Officer (“CEO”)
of the Company.

 

1.2           Duties.
Executive shall have the overall responsibility for the management of the Company and its operations as Executive Vice President
and Chief Marketing Officer, and shall perform all duties and responsibilities and have such powers which are commonly incident
to the offices and positions held by him, as well as any additional responsibilities and authority as may be from time to time
assigned or delegated to him by the CEO and the Board. Executive shall perform the duties assigned to him to the best of his ability
and in a manner satisfactory to the Company.

 

1.3           Time
and Efforts. Executive will devote his full business time, efforts, attention, and energies to the business of the Company
and to the performance of Executive’s duties hereunder during the Term (as defined below), and will not engage in any other
business, profession or occupation for compensation or otherwise which would conflict or interfere with the performance of such
services, either directly or indirectly, without the prior written consent of the Company; provided that, nothing herein shall
preclude Executive from (i) continuing to serve on any board of directors or trustees of any “not for profit” organization,
(ii) being involved in charitable activities, or (iii) managing his personal and family passive investments; provided, further
that, in each case, and in the aggregate, such activities shall not materially conflict with or interfere with the performance
of Executive’s duties hereunder or conflict with his duty of loyalty and/or fiduciary duties owed to the Company.

 

    	 

    	 

    

 

2.           Term

 

Unless earlier terminated
as provided in Section 5, the Company shall employ Executive in the capacity set forth herein for a term commencing on the Effective
Date and ending on December 31, 2015 (such period as may be terminated earlier or extended to be referred to herein as the “Term”).

 

3.           Compensation

 

As compensation for
the services to be rendered by Executive for and on behalf of the Company hereunder, Executive shall be entitled to the following:

 

3.1           Base
Salary. Executive shall be paid an annual base salary of one hundred seventy five thousand dollars ($175,000) until January
1, 2013, and three hundred twenty five thousand dollars ($320,000) (and further adjusted in accordance with the provisions of this
Agreement, the “Adjusted Base Salary”) beginning on January 1, 2013 and payable at such intervals as may be
established by the Company for payment of its employees under its normal payroll practices. Salary payments shall be subject to
all applicable federal and state withholding, payroll, and other taxes, and all applicable deductions for benefits as may be required
by law or Executive’s authorization. Executive’s Base Salary will be reviewed at least annually by the Compensation
Committee (the “Committee”) of the Board and may be increased at the discretion of the Committee.

 

3.2           Bonus.
In addition to Base Salary, Executive shall be eligible to receive one or more cash bonuses to be determined by the Committee in
its sole discretion based on performance criteria to be adopted by the Committee. Any such bonus shall be subject to all applicable
federal and state withholding, payroll and other taxes, and all applicable deductions for benefits as may be required by law, and
shall be paid to Executive no later than the 15th day of the third calendar month following the end of the fiscal year (or other
performance period) with respect to which the bonus relates.

3.3           Equity
Compensation. Executive may, as determined by the Committee in its discretion, periodically receive grants of stock options,
restricted stock or other equity-related awards from the Company’s various equity compensation plans, subject to the terms
and conditions thereof.

 

3.4           Compensation
Committee. Any bonus and any equity consideration to be provided to Executive shall be reviewed and determined by the Committee
on an annual basis to set performance criteria for purposes of compliance with the requirements of Section 162(m) of the Internal
Revenue Code of 1986, as amended (the “Code”).

 

3.5           Expenses.
The Company shall reimburse Executive for all reasonable business expenses incurred by Executive in the performance of his duties,
provided that Executive provides adequate documentation required by law and by the policies and procedures of the Company, as adopted
and amended from time to time, provided that in no event shall Executive submit any required documentation later than sixty (60)
days after the end of the calendar year in which such expense was incurred. Any such reimbursement shall be made as soon as reasonably
practicable but in no event later than the 15th day of the third month following the calendar year in which the applicable expense
was incurred. Executive acknowledges and agrees that all such expenses will be subject to the oversight of the Audit Committee
of the Board. The Company shall also provide Executive with a laptop computer and cell phone for his business use during the Term.

 

3.6           Vacation.
Executive shall be entitled to accrue four (4) weeks of paid vacation each year pursuant to the terms and provisions of the Company’s
vacation leave policies as in effect from time to time. Although unused vacation may be carried over from year to year, the maximum
cap on accrual shall be equal to one hundred fifty percent (150%) of the annual accrual.

 

3.7           Benefits.
Executive shall be entitled to participate in and receive all benefits made available by the Company to its executive officers,
subject to and on a consistent basis with the terms, conditions and overall administration of such plans and arrangements, including
without limitation, medical, dental, vision, life and disability insurance plans and coverage, and defined benefit, defined contribution
or other 401(k) program, including all Company matching provisions.

 

    	-2-

    	 

    

 

4.           Confidential
Information; Non-Compete; Non-Solicitation

 

4.1           Confidential
Information. Executive acknowledges that, during the course of his employment, he will have access to and will receive information
which constitutes trade secrets, is of a confidential nature, is of significant value to the Company and/or is a foundation on
which the business of the Company is predicated. With respect to all such Confidential Information (as defined hereafter), Executive
agrees, during the Term and thereafter, not to disclose such Confidential Information to any person other than an employee, counsel,
or advisor of the Company or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance
by Executive of his duties hereunder nor to use such Confidential Information for any purpose other than the performance of his
duties hereunder. For purposes of this Agreement, the term “Confidential Information” includes all data or material
(regardless of form) with respect to the Company or any of its assets, prospects, business activities, officers, directors, employees,
borrowers, or clients which is: (a) a trade secret, as defined by the Uniform Trade Secrets Act; (b) provided, disclosed, or delivered
to Executive by the Company, any officer, director, employee, agent, attorney, accountant, consultant, or other person or entity
employed by the Company in any capacity, any client, borrower, advisor, or business associate of the Company, or any public authority
having jurisdiction over the Company or any business activity conducted by the Company; or (c) produced, developed, obtained or
prepared by or on behalf of Executive or the Company (whether or not such information was developed in the performance of this
Agreement). Notwithstanding the foregoing, the term “Confidential Information” shall not include any information, data,
or material which, at the time of disclosure or use, was generally available to the public other than by a breach of this Agreement,
was available to the party to whom disclosed on a non-confidential basis by disclosure or access provided by the Company or a third
party without breaching any obligations of the Company or such third party, or was otherwise developed or obtained legally and
independently by the person to whom disclosed without a breach of this Agreement. This Section 4.1 shall not preclude Executive
from disclosing Confidential Information if compelled to do so by law or valid legal process, provided that if Executive believes
Executive is so compelled by law or valid legal process, Executive will notify the Company in writing sufficiently in advance of
any such disclosure to allow the Company the opportunity to defend, limit, or otherwise protect its interests against such disclosure
unless such notice is prohibited by law. The rights and obligations of the parties under this paragraph shall survive the expiration
or termination of this Agreement for any reason.

 

4.2           Non-Competition.
As part of the consideration for the compensation and benefits to be paid to Executive hereunder, and in order to protect the Confidential
Information, business goodwill, and business opportunities of the Company, Executive agrees that, during the Term and for a period
of six (6) months after the termination of Executive’s employment and this Agreement, he will not, directly or indirectly,
engage in or become interested financially in, as a principal, employee, partner, contractor, shareholder, agent, manager, owner,
advisor, lender, guarantor, officer, or director, any business (other than the Company) that is engaged in the nutritional supplement
industry and/or related products; provided, however, that Executive shall be entitled to continue to invest in stocks, bonds, or
other securities in any such business (without otherwise participating in such business) if: (a) such stocks, bonds, or other securities
are listed on any United States securities exchange or are publicly traded in an over the counter market; and such investment does
not exceed, in the case of any capital stock of any one issuer, five percent of the issued and outstanding capital stock, or in
the case of bonds or other securities, five percent of the aggregate principal amount thereof issued and outstanding; or (b) such
investment is completely passive and no control or influence over the management or policies of such business is exercised.

 

4.3           Non-Solicitation.
Executive agrees that he will not, at any time during the Term, or at any time within twelve (12) months after the termination
of his employment, for his own account or benefit or for the account or benefit of any other person, firm or entity, directly or
indirectly, solicit for employment any employee of the Company (or any person who was an employee of the Company in the 90-day
period before such solicitation) or induce any employee of the Company (or any person who was an employee of the Company in the
90-day period before such inducement) to terminate his employment with the Company. Notwithstanding the above, the restrictions
relating to persons employed in the 90-day period referenced in the parentheticals in the immediately preceding sentence shall
not apply to a person who was a party to an employment agreement with the Company and who terminates his employment for Good Reason
or is terminated by the Company without Cause. The rights and obligations of the parties under this Section 4.3 shall survive the
expiration or termination of this Agreement for any reason.

 

    	-3-

    	 

    

 

4.4           Proprietary
Matters. Executive expressly agrees that any and all improvements, inventions, discoveries, processes, or know-how that are
generated or conceived by Executive during the Term, whether conceived during Executive’s regular working hours or otherwise,
will be the sole and exclusive property of the Company. Whenever requested by the Company (either during the Term or thereafter),
Executive will assign or execute any and all applications, assignments and/or other documents, and do all things which the Company
reasonably deems necessary or appropriate, in order to permit the Company to: (a) assign and convey, or otherwise make available
to the Company, the sole and exclusive right, title, and interest in and to said improvements, inventions, discoveries, processes
or know-how; or (b) apply for, obtain, maintain, enforce and defend patents, copyrights, trade names, or trademarks of the United
States or of foreign countries for said improvements, inventions, discoveries, processes, or know-how. However, the improvements,
inventions, discoveries, processes, or know-how generated or conceived by Executive and referred to in this Section 4.4 (except
those which may be included in the patents, copyrights, or registered trade names or trademarks of the Company) will not be exclusive
property of the Company at any time after having been disclosed or revealed or have otherwise become available to the public or
to a third party on a non-confidential basis other than by a breach of this Agreement, or after they have been independently developed
or discussed without a breach of this Agreement by a third party who has no obligation to the Company. The rights and obligations
of the parties under this Section 4.4 shall survive the expiration or termination of this Agreement for any reason.

 

4.5           Injunctive
Relief. Executive acknowledges and agrees that any violation of Sections 4.1, 4.2, 4.3 or 4.4 of this Agreement would result
in irreparable harm to the Company and, therefore, agrees that, in the event of an actual, suspected, or threatened breach of Sections
4.1, 4.2, 4.3 or 4.4 of this Agreement, the Company shall be entitled to an injunction restraining Executive from committing or
continuing such actual, suspected or threatened breach. The parties acknowledge and agree that the right to such injunctive relief
shall be cumulative and shall not be in lieu of, or be construed as a waiver of the Company’s right to pursue, any other
remedies to which it may be entitled in law or in equity. The parties agree that for purposes of Sections 4.1, 4.2, 4.3 and 4.4
of this Agreement, the term “Company” shall include the Company and its affiliates.

 

5.           Termination

 

Executive’s employment
by the Company and this Agreement may be terminated before the expiration of the Term, without breach of this Agreement, in accordance
with the provisions set forth below:

 

5.1           Termination
by the Company for Cause. The Company may terminate Executive’s employment and this Agreement for Cause (as defined below),
but only after: (i) giving Executive written notice of the failure or conduct which the Company believes to constitute Cause; and
(ii) with respect to elements (a) through (e) below, providing Executive a reasonable opportunity, and in no event more than twenty
(20) days, to cure such failure or conduct, unless the Board determines in its good faith judgment that such failure or conduct
is not reasonably capable of being cured. In the event Executive does not cure the alleged failure or conduct within the time frame
provided for such cure by the Company, the Company shall send him written notice specifying the effective date of termination.
The failure by the Company to set forth in the notice referenced in this Section 5.1 any fact or circumstance which contributes
to a showing of Cause shall not waive any right of the Company to assert, or preclude the Company from asserting, such fact or
circumstance in enforcing its rights hereunder. For purposes of this Agreement, the term “Cause” means:

 

(a)          Executive’s
breach of duty (other than inadvertent acts or omissions) involving fraud, dishonesty, disloyalty, or a conflict of interest; or

 

(b)          The
willful failure by Executive to perform his duties in any material respect as required hereunder (other than any such failure resulting
from Executive’s incapacity due to physical or mental illness or disability) or the commission by Executive of an act of
willful misconduct in any material respect with respect to the Company; or

 

(c)          The
engaging by Executive in conduct which is demonstrably and materially injurious to the Company; or

 

(d)          The
willful engaging, or failure to engage, by Executive in conduct which is in material violation of any term of this Agreement or
the terms of any of the Company’s written policies and procedures; or

 

(e)           Executive’s
failure to cooperate with any investigation or inquiry authorized by the Company or conducted by a governmental authority related
to the Company’s or Executive’s conduct; or

 

    	-4-

    	 

    

 

(f)           Executive’s
conviction of, or entry of a plea agreement or consent decree or similar arrangement with respect to, any felony, any crime involving
deceit, fraud, perjury, or embezzlement, or any violation of federal or state securities laws.

 

If the Company terminates Executive’s
employment for Cause, then Executive shall be entitled to receive the payments and benefits set forth in Section 6.1 below.

 

The Company may suspend Executive with
pay pending an investigation authorized by the Company or a governmental authority or a determination whether Executive has engaged
in acts or omissions constituting Cause, and such paid suspension shall not constitute Good Reason or a termination of Executive’s
employment.

 

5.2           Termination
by the Company Without Cause.

 

(a)          The
Company may terminate the employment of Executive and this Agreement at any time during the Term of this Agreement without Cause
by giving Executive written notice of such termination, to be effective thirty (30) days following the giving of such written notice,
in which case Executive shall receive the compensation, severance, and benefit continuation required by Section 6.3 below; provided,
however, that if Company terminates Executive’s employment without Cause during the Protection Period (as defined below),
then Executive shall be entitled to receive the payments and benefits set forth in Section 6.4 below.

(b)          For
purposes of this Agreement, the term “Protection Period” means the period of time commencing on the date of
the first occurrence of a Change in Control (as defined below in Section 5.2(c)) and continuing until the earlier of the (i) the
second anniversary of the first occurrence of the Change in Control and (ii) the Term of this Agreement; and the six (6) month
period prior to such Change in Control date if the Executive is terminated without Cause or terminates for Good Reason and in either
case such termination (x) was requested by the third party that effectuates the Change in Control, or (y) occurs in connection
with or in anticipation of a Change in Control, it being agreed that any such action taken following stockholder approval of a
transaction which if consummated would constitute a Change in Control shall be deemed to be in anticipation of a Change in Control
provided such transaction is actually consummated.

 

(c)          For
purposes of this Agreement, the term “Change in Control” means the happening of any of the following events:
(i) the acquisition by any one person, or more than one person acting as a group, of ownership of stock of the Company that, together
with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting
power of the stock of the Company; (ii) the acquisition by any one person, or more than one person acting as a group, of all or
substantially all of the Company’s assets during the 12-month period ending on the date of the most recent acquisition; or
(iii) when a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election
is not endorsed by a majority of the members of the Board before the date of the appointment or election. For purposes of this
Agreement, the term “substantially all” means at least 60% of the assets of the Company immediately before such
acquisition(s).

 

5.3           Termination
by the Company Due to Inability to Perform or Death. Executive’s employment and this Agreement may be terminated by the
Company as follows:

 

(a)          To
the extent permitted by law, upon thirty (30) days’ notice to Executive in the event of Executive’s Inability to Perform.
For this purpose, the term “Inability to Perform” means and shall be deemed to have occurred if Executive has
been determined under the Company’s long-term disability plan to be eligible for long-term disability benefits or, in the
event the Company does not maintain such a plan or in the absence of Executive’s participation in or application for benefits
under such a plan, such term shall mean the inability of Executive, despite any reasonable accommodation required by law, due to
bodily injury or disease or any other physical or mental incapacity, to perform the services required hereunder for a period of
ninety (90) consecutive days; or

 

(b)          Immediately
upon the death of Executive.

 

    	-5-

    	 

    

 

5.4           Termination
by Executive for Good Reason. Executive may terminate his employment and this Agreement at any time for Good Reason (as defined
below). A termination of employment and this Agreement by Executive for Good Reason shall entitle Executive to payments and other
benefits as specified in Section 6.3, unless such termination occurs during the Protection Period in which case the payments and
benefits in Section 6.4 shall apply. For purposes of this Agreement, the term “Good Reason” means, subject to
the notice and cure provisions herein, any of the following actions if taken without Executive’s prior written consent: (a)
a material reduction of Executive’s Base Salary, unless the salary or compensation reduction is part of a general reduction
for all executive officers of the Company; (b) a permanent relocation of Executive’s principal place of employment to any
location outside of a fifty mile radius of the location from which Executive served the Company immediately prior to the relocation,
provided such relocation is a material change in the geographic location at which Executive must provide services for purposes
of Section 409A of the Code and the regulations thereunder; (c) any material reduction in Executive’s authority, responsibilities
or duties (except for any reduction for Cause as defined above); (d) a material reduction in the authority, responsibilities or
duties of the supervisor to whom Executive is required to report; or (e) any other action or inaction that constitutes a material
breach by the Company of this Agreement. To exercise the option to terminate employment for Good Reason, Executive must provide
written notice to the Company of Executive’s belief that Good Reason exists within sixty (60) days of the initial existence
of the Good Reason condition, and that notice shall describe in reasonable detail the condition(s) believed to constitute Good
Reason. The Company then shall have thirty (30) days to remedy the Good Reason condition(s). If not remedied within that 30-day
period or if the Company notifies Executive that it does not intend to cure such condition(s) before the end of that 30-day period,
Executive may submit a notice of termination to the Company; provided, however, that the notice of termination invoking Executive’s
option to terminate employment for Good Reason must be given no later than one hundred (100) days after the date the Good Reason
condition first arose; otherwise, Executive shall be deemed to have accepted the condition(s), or the Company’s correction
of such condition(s), that may have given rise to the existence of Good Reason.

 

5.5           Termination
by Executive Without Good Reason. Executive may also terminate his employment and this Agreement without Good Reason by providing
at least ninety (90) days’ written notice of such termination to the Company. In the event of a termination pursuant to this
Section 5.5, Executive shall be entitled to payments and other benefits as specified in Section 6.1 below. At the Company’s
option, the Company may accelerate the date of Executive’s termination of employment by paying to Executive the Base Salary
and value of the benefits that Executive would have received during the period by which the date of termination is so accelerated
and such acceleration shall not change the characterization of the termination by Executive as a termination without Good Reason.

 

5.6           Return of
Confidential Information and Company Property. Upon termination of Executive’s employment for any reason, Executive shall
immediately return all Confidential Information and other Company property to the Company.

 

6.           Effect
of Termination

 

6.1           Termination
by the Company for Cause or Termination by Executive Without Good Reason. In the event Executive’s employment and this
Agreement are terminated pursuant to Sections 5.1 or 5.5 above:

 

(a)          The
Company shall pay to Executive, or his representatives, on the date of termination of employment only that portion of the Base
Salary provided in Section 3.1 that has been accrued through the date of termination, any accrued but unpaid vacation pay provided
in Section 3.7, any accrued benefits provided in Section 3.8, and any expense reimbursements due and owing to Executive as of the
date of termination; and

 

(b)          Executive
shall not be entitled to: (i) any other salary or compensation; (ii) any bonus pursuant to Section 3.2; (iii) any equity consideration
pursuant to Section 3.3; nor (iv) any benefits pursuant to Section 3.6; and

 

(c)          Executive
shall return the laptop computer and cellular telephone provided in Section 3.6 within five (5) business days of the date of termination.

 

6.2           Termination
by the Company Due to Executive’s Inability to Perform or Death. In the event Executive’s employment and this Agreement
are terminated pursuant to Section 5.3 above, the Company shall pay to Executive, or his representatives, all of the following:

 

(a)          The
payments, if any, referred to in Section 6.1(a) above as of the date of termination; and

 

    	-6-

    	 

    

 

(b)          Subject
to compliance with Section 409A of the Code, an amount equal to the greater of (i) one hundred percent (100%) of Executive’s
target bonus for the year in which the date of termination occurs in the event a target bonus for the year in which the date of
termination occurs has been established or if not, one hundred percent (100%) of Executive’s most recent annual bonus; and
(ii) a bonus for such year as may be determined by the Committee in its sole discretion. This amount shall be paid in the form
of a lump sum, less applicable statutory deductions and withholdings, as soon as practicable after the date of termination, but
no later than March 15 of the year immediately following the year in which the date of termination occurs; and

 

(c)          For
a termination due to Inability to Perform only, and provided that Executive or his representative signs a Release (as defined in
Section 17), then the Company shall pay Executive a severance equal to six (6) months of Executive’s Base Salary at the time
of termination. This severance amount shall be paid to Executive in equal regular installments over the six (6) month period pursuant
to the Company’s regular payroll periods, less applicable statutory deductions and tax withholdings. The first installment
shall be paid to Executive on the first payroll period after the date of termination and after the effective date of the Release;
and

 

(d)          Should
Executive or his representatives timely elect to continue coverage under a group health insurance plan sponsored by the Company
or one of its affiliates and timely make the premium payments, reimburse Executive on a monthly basis for the cost of continued
coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) or other applicable law
for Executive and any eligible dependents until the earlier of (i) the date Executive is no longer entitled to continuation coverage
under COBRA or (ii) for twelve (12) months after the date of termination.

 

6.3           Termination
by the Company Without Cause and Without a Change in Control or by Executive for Good Reason Without a Change in Control. In
the event Executive’s employment is terminated pursuant to Sections 5.2 or 5.4 above at any time in which there has not been
a qualifying Change in Control termination, the Company shall pay Executive on the date of termination the payments referred to
in Section 6.1(a) above, and provided that Executive signs a Release (as defined in Section 17), Executive shall also receive all
of the following:

 

(a)          A
severance package equal to the lesser of (i) nine (9) months of Executive’s Base Salary at the time of termination and (ii)
the Base Salary remaining under the Term of this Agreement. This severance amount shall be paid to Executive in equal regular installments
over the three (3) month period pursuant to the Company’s regular payroll periods, less applicable statutory deductions and
tax withholdings. The first installment shall be paid to Executive on the first payroll period after the date of termination and
after the effective date of the Release; and

 

(b)          Subject
to compliance with Section 409A of the Code, an amount equal to the greater of (i) (A) if the date of termination occurs between
January 1 and June 30, then twenty-five percent (25%) of Executive’s target bonus for the year in which the date of termination
occurs in the event a target bonus for the year in which the date of termination occurs has been established or if not, then twenty-five
percent (25%) of Executive’s most recent annual bonus, or (B) if the date of termination occurs between July 1 and December
31, then fifty percent (50%) of Executive’s target bonus for the year in which the date of termination occurs in the event
a target bonus for the year in which the date of termination occurs has been established or if not, then fifty percent (50%) of
Executive’s most recent annual bonus; and (ii) a bonus for such year as may be determined by the Committee in its sole discretion.
This amount shall be paid in the form of a lump sum, less applicable statutory deductions and withholdings, as soon as practicable
after the date of termination, but no later than March 15 of the year immediately following the year in which the date of termination
occurs; and

 

(c)          Should
Executive or his representatives timely elect to continue coverage under a group health insurance plan sponsored by the Company
or one of its affiliates and timely make the premium payments, reimburse Executive on a monthly basis for the cost of continued
coverage under the COBRA for Executive and any eligible dependents until the earlier of (i) the date Executive is no longer entitled
to continuation coverage under COBRA or (ii) for twelve (12) months after the date of termination; and

 

(d)          Unless
otherwise provided in the equity award agreement, all stock options and other stock incentive awards held by Executive will become
fully vested and immediately exercisable and all restrictions on any restricted stock held by Executive will be removed; provided,
however, Executive shall not be released from the black-out periods for the next financial reporting quarter following the date
of termination or Securities Exchange Act of 1934, as amended (the “Exchange Act”), trading obligations typically
required for an executive in this position.

 

    	-7-

    	 

    

 

6.4           Termination
by the Company Without Cause After a Change in Control or by Executive for Good Reason After a Change in Control. In the event
Executive’s employment is terminated pursuant to Sections 5.2 or 5.4 above during the Protection Period, the Company shall
pay Executive on the date of termination the payments referred to in Section 6.1(a) above, and provided that Executive signs a
Release (as defined in Section 17), Executive shall also receive all of the following:

 

(a)          Subject
to compliance with Section 409A of the Code, a severance package equal to one year of Executive’s Base Salary immediately
prior to the Change in Control. This severance amount shall be paid to Executive in equal regular installments over a 12-month
period pursuant to the Company’s regular payroll periods, less applicable statutory deductions and tax withholdings. The
first installment shall be paid to Executive on the first payroll period after the date of termination and after the effective
date of the Release; and

 

(b)          Subject
to compliance with Section 409A of the Code, an amount equal to the greater of (i) one hundred percent (100%) of Executive’s
target bonus for the year in which the date of termination occurs in the event a target bonus for the year in which the date of
termination occurs has been established or if not, one hundred percent (100%) of Executive’s most recent annual bonus; and
(ii) a bonus for such year as may be determined by the Committee in its sole discretion. This amount shall be paid in the form
of a lump sum, less applicable statutory deductions and withholdings, as soon as practicable after the date of termination, but
no later than March 15 of the year immediately following the year in which the date of termination occurs; and

 

(c)          A
one-time cash payment of five hundred thousand dollars ($500,000.00), less applicable statutory deductions and tax withholdings,
to be paid within thirty (30) days of the date of termination; and

 

(d)          Should
Executive or his representatives timely elect to continue coverage under a group health insurance plan sponsored by the Company
or one of its affiliates and timely make the premium payments, reimburse Executive on a monthly basis for the cost of continued
coverage under the COBRA for Executive and any eligible dependents until the earlier of (i) the date Executive is no longer entitled
to continuation coverage under COBRA or (ii) for twelve (12) months after the date of termination; and

 

(e)          All
stock options and other incentive awards held by Executive will become fully vested and immediately exercisable and all restrictions
on any restricted stock held by Executive will be removed; provided, however, Executive shall not be released from the black-out
periods for the next financial reporting quarter following the date of termination or Exchange Act, trading obligations typically
required for an executive in this position.

 

7.           Successors
and Assigns

 

This Agreement is personal
in nature, and neither this Agreement nor any part of any obligation herein shall be assignable by Executive. The Company shall
be entitled to assign this Agreement to any affiliate of the Company or any person or entity that assumes the ownership and control
of the business of the Company. This Agreement shall inure to the benefit of and shall be binding upon the parties and their successors
and assigns.

 

8.           Severability

 

Should any term, provision,
covenant or condition of this Agreement be held to be void or invalid, the same shall not affect any other term, provision, covenant
or condition of this Agreement, but such remainder shall continue in full force and effect as though each such voided term, provision,
covenant, or condition is not contained herein.

 

9.           Governing
Law and Venue

 

This Agreement shall
be governed by and construed in accordance with the laws of the State of Colorado, excluding its choice-of-law principles. Subject
to Sections 4.5 and 10, and without in any way limiting the applicability of binding arbitration, each of the parties submits to
the exclusive jurisdiction of any state or federal court sitting in Denver, Colorado in any action or proceeding arising out of
or relating to this Agreement and further agrees that all claims in respect of the action or proceeding may be heard and determined
in any such court to the extent that any court proceeding is necessary in connection with Sections 4.5 and 10, and further agrees
not to bring any action or proceeding arising out of or relating to this Agreement in any other court. Each of the parties agrees
that a final judgment in any action or proceeding so brought shall be conclusive and may be enforced by suit on the judgment or
in any other manner so provided by law.

 

    	-8-

    	 

    

 

10.          Binding
Arbitration

 

Except as provided
in Section 4.5, any and all disputes which involve or relate in any way to this Agreement and/or to Executive’s employment,
Executive’s termination of employment with the Company or termination of this Agreement, whether initiated by Executive or
by the Company and whether based on contract, tort, statute, or common law, shall be submitted to and resolved by final and binding
arbitration as the exclusive method for resolving all such disputes. The arbitration shall be private and confidential and conducted
in Denver, Colorado pursuant to the Federal Arbitration Act and applicable Colorado law, and pursuant to the applicable rules of
the American Arbitration Association (“AAA”) relating to employment disputes, unless the parties otherwise mutually
agree to modify the AAA Rules.

 

The party demanding
arbitration shall submit a written claim to the other party, setting out the basis of the claim or claims, within the time period
of any applicable statute of limitations relating to such claim(s). If the parties cannot mutually agree upon an arbitrator, then
the parties shall select a neutral arbitrator through the procedures established by the AAA. The arbitrator shall have the powers
provided under the Colorado Code of Civil Procedure relating to the arbitration of disputes, except as expressly limited or otherwise
provided in this Agreement. The parties shall have the right to reasonable discovery as mutually agreed or as determined by the
arbitrator, including at least one deposition each, it being the goal of the parties to resolve any disputes as expeditiously and
economically as reasonably practicable. The parties agree to share equally in the payment of the administration costs of the AAA
arbitration, including payment of the fees for the arbitrator, and any other costs directly related to the administration of the
arbitration. The parties shall otherwise be responsible for their own respective costs and attorneys’ fees relating to the
dispute, such as deposition costs, expert witnesses and similar expenses, except as otherwise provided in this Agreement to the
prevailing party.

 

The arbitrator may
award, if properly proven, any damages or remedy that a party could recover in a civil litigation, and shall award costs and reasonable
attorneys’ fees to the prevailing party. The award of the arbitrator shall be issued in writing, setting forth the basis
for the decision, and shall be binding on the parties to the fullest extent permitted by law, subject to any limited statutory
right to appeal as provided by law. Judgment upon the award of the arbitrator may be entered in any court having proper jurisdiction
and enforced as provided by law.

 

This agreement to arbitrate
is freely negotiated between Executive and the Company and is mutually entered into between the parties. Each party understands
and agrees that it is giving up certain rights otherwise afforded to it by civil court actions, including but not limited to the
right to a jury trial; provided, however, that either party may seek provisional remedies in a court of competent jurisdiction
as provided pursuant to applicable law.

 

11.          Section
Headings

 

The section headings
herein are inserted only as a matter of convenience and reference and in no way define, limit or describe the scope of this Agreement
or the intent of any provisions hereof.

 

    	-9-

    	 

    

 

12.          Compliance
with Section 409A of the Code

 

Notwithstanding anything
herein to the contrary, (a) if at the time of Executive’s termination of employment with the Company Executive is a “specified
employee” as such term is defined in Section 409A of the Code and the regulations thereunder, and the deferral of the commencement
of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to
prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment
of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive)
until the date that is six (6) months following Executive’s termination of employment with the Company (or the earliest date
as is permitted under Section 409A of the Code) and (b) if any other payments of money or other benefits due to Executive hereunder
could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits
shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such
payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board, that does not cause
such an accelerated or additional tax. In the event that payments under this Agreement are deferred pursuant to this Section 12
in order to prevent any accelerated tax or additional tax under Section 409A of the Code, then such payments shall be paid at the
time specified under this Section 12 without any interest thereon. The Company shall consult with Executive in good faith regarding
the implementation of this Section 12; provided that neither the Company nor any of its employees or representatives shall have
any liability to Executive with respect thereto. Notwithstanding anything to the contrary herein, a termination of employment shall
not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits
upon or following a termination of employment unless such termination is also a “Separation from Service” as such term
is defined in Section 409A of the Code and the regulations and guidance promulgated thereunder and, for purposes of any such provision
of this Agreement, references to a “resignation,” “termination,” “termination of employment,”
or like terms shall mean Separation from Service. For purposes of Section 409A of the Code, each payment made under this Agreement
shall be designated as a “separate payment” within the meaning of the Section 409A of the Code. Notwithstanding anything
to the contrary herein, except to the extent any expense, reimbursement or in-kind benefit provided pursuant to this Agreement
does not constitute a “deferral of compensation” within the meaning of Section 409A of the Code: (x) the amount of
expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar year will not affect the amount
of expenses eligible for reimbursement or in-kind benefits provided to Executive in any other calendar year, (y) the reimbursements
for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following
the calendar year in which the applicable expense is incurred, and (z) the right to payment or reimbursement or in-kind benefits
hereunder may not be liquidated or exchanged for any other benefit.

 

13.          Entire
Agreement

 

This Agreement contains
the entire agreement of the parties relating to the subject matter hereof, and this Agreement supersedes and replaces in all respects
the Original Agreement. Further, the parties hereto have made no agreements, representations, or warranties relating to the subject
matter of this Agreement that are not set forth otherwise herein. In this regard, each of the parties represents and warrants to
the other party that such party is not relying on any promises or representations that do not appear in writing herein. Each of
the parties further agrees and understands that this Agreement can be amended or modified only by a written agreement signed by
all parties.

 

14.          Notice

 

All notices required
or permitted under this Agreement shall be in writing and shall be deemed effective: (a) upon delivery, if delivered in person;
(b) upon delivery to Federal Express or other similar courier service, marked for next day delivery, addressed as set forth below;
(c) upon deposit in United States Mail if sent by registered or certified mail, return receipt requested, addressed as set forth
below; or (d) upon being sent by facsimile transmission, provided an original is mailed the same day by registered or certified
mail, return receipt requested:

 

	 	If to the Company:	 	
        MusclePharm Corporation

        Attn: Chief Executive
        Officer

        4721 Ironton Street,
        Building A

        Denver, Colorado 80239

        Facsimile: (800) 490-7165

	 	 	 	 
	 	If to Executive:	 	Address on file with the Company

 

15.          Attorneys’
Fees

 

In the event that any
party shall bring an action or proceeding in connection with the performance, breach or interpretation of this Agreement, then
the prevailing party in any such action or proceeding, as determined by the arbitrator, court, or other body having jurisdiction,
shall be entitled to recover from the losing party all reasonable costs and expenses of such action or proceeding, including reasonable
attorneys’ fees, court costs, costs of investigation, expert witness fees, and other costs reasonably related to such action
or proceeding.

 

    	-10-

    	 

    

 

16.          Assistance
with Claims

 

Executive agrees that,
for the period beginning on the Effective Date, and continuing for a reasonable period after the termination or expiration of this
Agreement for any reason, Executive will assist the Company in the defense of any claims that may be made against the Company and
will assist the Company in the prosecution of any claims that may be made by the Company, to the extent such claims may relate
to services performed by Executive for the Company. Executive agrees to promptly inform the Company if Executive becomes aware
of any lawsuits or potential claims that may be filed against the Company. For all assistance occurring after termination of Executive’s
employment by the Company, the Company agrees to provide reasonable compensation to Executive for such assistance. Executive also
agrees to promptly inform the Company if asked to assist in any investigation of the Company (or its actions) that may relate to
services performed by Executive for the Company, regardless of whether a lawsuit has been filed against the Company with respect
to such investigation.

 

17.          Release
of Claims

 

Executive shall not
be entitled to receive the severance pay and benefits under Sections 6.2, 6.3, and 6.4, as applicable, unless (a) Executive executes
and returns to the Company a Release (as defined below) on or before the 50th day following the date of termination or such shorter
time as may be prescribed in the Release, (b) such Release shall not have been timely revoked by Executive, and (c) the date of
termination constitutes a Separation from Service, and provided further, however, that if Executive violates his continuing obligations
under Sections 4.1, 4.2, 4.3, or 4.4, Executive shall not be entitled to receive such severance pay or benefits and Executive shall
immediately repay to the Company upon written demand any severance pay or benefits that already have been paid to Executive. For
purposes of this Agreement, the term “Release” means a waiver and release of claims by Executive in the form
prescribed by the Company, which form may include, without limitation, an agreement by Executive not to disparage the Company,
its affiliates, and other related persons or entities, but which form shall not include a release and waiver of claims for (i)
indemnification or for coverage under officer and director liability policies, if applicable, (ii) claims with respect to the reimbursement
of business expenses or with respect to benefits which are in each case to continue in effect after termination or expiration of
this Agreement in accordance with the terms of this Agreement, (iii) claims he may have as a holder of options to acquire equity
securities of the Company (which shall be governed by the documents by which Executive was granted such options) and (iv) claims
he may have as a stockholder of the Company.

 

18.          Dodd-Frank
Act and Other Applicable Law Requirements

 

Executive agrees (i)
to abide by any compensation recovery, recoupment, anti-hedging, or other policy applicable to executives of the Company and its
affiliates, as may be in effect from time to time, as approved by the Board or a duly authorized committee thereof or as required
by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) or other applicable
law, and (ii) that the terms and conditions of this Agreement shall be deemed automatically amended as may be necessary from time
to time to ensure compliance by Executive and this Agreement with such policies, the Dodd-Frank Act, or other applicable law.

 

19.          Counterparts

 

This Agreement may
be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute
but one and the same instrument.

 

EXECUTIVE HAS BEEN ADVISED
THAT HE SHOULD SEEK INDEPENDENT REVIEW AND ADVICE FROM LEGAL COUNSEL AND TAX ADVISORS AS TO THE SCOPE AND POTENTIAL TAXES WHICH
COULD ARISE FROM THE AGREEMENT.

 

(Signature Page Follows)

 

    	-11-

    	 

    

 

IN WITNESS WHEREOF,
this Agreement is executed as of the day and year first above written.

 

	 	 	MUSCLEPHARM CORPORATION
	 	 	 
	 	By:	
        /s/ Bradley
        J. Pyatt

	 	Name:	Bradley J. Pyatt
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	EXECUTIVE
	 	 	 
	 	By:	
        /s/ Jeremy
        R. DeLuca

	 	Name:	Jeremy R. DeLuca

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