Document:

Exhibit 10.1

 

Separation and Release of Claims Agreement

 

This Separation and
Release of Claims Agreement (this “Agreement”) is dated as of October 10, 2014 (the “Execution Date”),
by and between MusclePharm Corporation, a Nevada corporation (the “Company”), on behalf of itself, its subsidiaries
and other corporate affiliates and each of their respective employees, officers, directors, owners, shareholders and agents (collectively
referred to herein as, the “Employer Group”), and Sydney Rollock (the “Employee”). The Company
and the Employee are sometimes collectively referred to herein as the “Parties.”

 

Agreement

 

NOW, THEREFORE,
 for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Company (on its own behalf
and on behalf of its successors and assigns) and the Employee hereby agree as follows:

 

1.            The Employee’s
Separation. The Executive’s employment with the Company will terminate effective as of October 10, 2014 (the “Separation
Date”), and the Employee has provided his resignation (attached hereto as Exhibit A). After the Separation Date,
the Employee will not represent himself as being an employee, officer, or attorney of the Company for any purpose. Except as otherwise
set forth in this Agreement, the Separation Date will be the employment termination date for the Employee for all purposes, meaning
the Employee will no longer be entitled to any further compensation, monies or other benefits from the Company, including coverage
under any benefits plans or programs sponsored by the Company. The Employee hereby resigns, effective as of the Separation Date,
all positions, titles, duties, authorities and responsibilities with, arising out of or relating to his employment with the Company
and any subsidiaries and affiliates and agrees to execute any and all additional documents and take such further steps as may be
required to effectuate such resignation. The Employment Agreement is hereby canceled and the parties shall have no further obligations
to each other thereunder except as specifically provided in this Agreement.

 

2.            Certain Payments
and Benefits.

 

(a)            Payment. The Employee acknowledges
he will continue to receive his base salary up to and including the Separation Date, less applicable withholdings. Regardless of
whether the Employee revokes his Employee Release (as defined below in Section 3(b)), the Employee will be paid on the first payroll
date after the Separation Date: (i) all unpaid bonus money earned up to and including the Separation Date (the Parties acknowledge
and agree that the Employee has an accrued and unpaid bonus in the amount of $67,500.00, less applicable withholdings (the “Final
Bonus Payment”)); (ii) all accrued but unused vacation time earned up to and including the Separation Date, less applicable
withholdings, for which he will be paid); and (iii) any previously unreimbursed legitimate business expenses to which the Employee
is entitled to reimbursement following submission of proper expense reports under the Company’s business expense reimbursement
policy.

 

    	1

    	 

    

 

(b)            Separation
Benefits. In consideration for the Employee’s execution, non-revocation of, and compliance with this Agreement, including
the Employee Release, the Company agrees to provide the following benefits:

 

(i)            Salary.
The Company will continue to pay the Employee his base salary, less applicable withholdings, for all pay periods up to and including
December 31, 2014 at which time the Employee shall cease to receive his base salary.

 

(ii)            Bonus.
The Company will pay the Employee a lump sum of $112,500 on December 31, 2014, less applicable withholdings. For the avoidance
of any doubt, the Employee agrees and acknowledges that, except for the this Bonus Payment, he is not be entitled to receive payment
with respect to any remaining portion of his 2014 target bonus, regardless of whether the performance goals are later achieved,
because as of the Separation Date, no other portion of this bonus amount has been earned.

 

(iii)            Restricted Stock Units.
The Restricted Stock Agreement dated May 6, 2014, by and between the Employee and the Company (the “RSU Agreement”)
shall be amended for any change of position, and, notwithstanding anything contained in Section 9 of the RSU Agreement, the unvested
Restricted Stock Units shall vest according to the vesting schedule set forth in Section 1 of the RSU Agreement, subject to the
Employee’s compliance with Section 4 and Section 9 below. The company will remove any applicable restrictions or limitations
for a “Specified Employee” (as such term is defined in Treasury Regulation §1.409A-1(i)), which may include
a six (6) month delay in the issuance of shares of Common Stock upon the vesting of any Restricted Stock Units under the RSU Agreement,
allowable by law.

 

(iv)            The
Employee acknowledges that these benefits exceed what he is otherwise entitled to receive upon separation from employment, and
that these benefits are in exchange for executing this Agreement. The Employee further acknowledges no entitlement to any additional
payment or consideration not specifically referenced herein and shall receive no compensation for his service on the Board from
the Separation Date until his resignation from the Board.

 

3.            Mutual Release.

 

(a)            For and in consideration
of the execution of this Agreement, the Company hereby forever releases and discharges the Employee, from any and all claims of
any kind arising out of, or related to, his employment and separation from employment with the Company, its affiliates and subsidiaries
(collectively, with the Company, the “Affiliated Entities”), which the Company now has or may have against the
Employee, whether known or unknown to the Company, and whether vicarious, derivative, or direct (the “Company Release”).
Such released claims include, without limitation, any and all claims arising under federal, state or local laws pertaining to employment
or job duties.

 

    	2

    	 

    

 

(b)            For and in consideration
of the receipt of the payments and other benefits and promises set forth in this Agreement, the Employee, for the Employee, the
Employee’s marital community and children, the Employee’s heirs, beneficiaries, devisees, executors, administrators,
attorneys, personal representatives, successors and assigns, hereby forever releases and discharges the Company and the Employer
Group, and any of their divisions, affiliates, subsidiaries, parents, predecessors, successors, assigns, and, with respect to such
entities, their officers, directors, managers, members, employees, agents, stockholders, administrators, general or limited partners,
representatives, attorneys, insurers and fiduciaries, past, present and future (collectively, the “Released Parties”)
from any and all claims of any kind arising out of, or related to, his employment and separation from employment with the Company,
its affiliates and subsidiaries (collectively, with the Company, the “Affiliated Entities”), which the Employee
now has or may have against the Released Parties, whether known or unknown to the Employee, and whether vicarious, derivative,
or direct (the “Employee Release”, together with the Company Release, the “Releases”).
Such released claims include, without limitation, any and all claims arising under federal, state or local laws pertaining to employment,
including, without limitation, Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000e et seq., the Age
Discrimination in Employment Act, 29 U.S.C. 621 et seq. (“ADEA”), the Older Workers Benefit Protection Act,
the Fair Labor Standards Act, as amended, 29 U.S.C. Section 201 et seq.(“OWBPA”), the Americans with Disabilities Act,
as amended, 42 U.S.C. Section 12101 et seq., the Reconstruction Era Civil Rights Act, as amended, 42 U.S.C. Section 1981 et seq.,
the Rehabilitation Act of 1973, as amended, 29 U.S.C. Section 701 et seq., the Family and Medical Leave Act of 1992, 29 U.S.C.
Section 2601 et seq., and any and all other federal, state or local laws regarding employment discrimination and/or federal, state,
or local laws of any type or description regarding employment, including, but not limited to, any claims arising from or derivative
of the Employee’s employment and separation from employment with the Affiliated Entities, as well as any and all such claims
under state contract or tort law, including, without limitation, under the Employment Agreement, and including any claim for attorneys’
fees. Notwithstanding anything else herein to the contrary, this Section 3 shall not affect and does not release: (i) any claims
that arise after the date the Employee executes this Agreement; (ii) any claims that cannot be waived by applicable law; (iii)
the Employee’s vested benefits under the Company’s qualified plans, if any; or (iv) rights to indemnification or liability
insurance coverage the Employee may have under the Indemnification Agreement, the Articles of Incorporation and the Bylaws of the
Company, or applicable law.

 

(c)            The Employee hereby
represents that the Employee has not filed or commenced any proceeding regarding the claims and matters discussed in Section 3(a).

 

(d)            For the purpose
of implementing a full and complete release and discharge of the Released Parties and the Employee, the Employee and the Company
expressly acknowledges that the Releases are intended to include in their effect, without limitation, all claims or other matters
described in Section 3(a) that the Employee or the Company does not know or suspect to exist in the Employee’s or the Company’s
favor at the time of execution hereof or upon the termination of the Employee’s employment hereunder, and that the Releases
contemplate the extinguishment of any and all such claims or other such matters. The Released Parties who are not parties to this
Agreement are third-party beneficiaries of the Releases and are entitled to enforce its provisions.

 

    	3

    	 

    

 

(e)            The Employee warrants
that no promise or inducement has been offered for the Employee Release other than as set forth herein and that the Employee Release
is executed without reliance upon any other promises or representations, oral or written. Any modification of the Releases must
be made in writing and be signed by the Employee and the Company.

 

(f)            If any provision
of the Releases or compliance by the Employee or the Company with any provision of the Releases constitutes a violation of any
law, or is or becomes unenforceable or void, then such provision, to the extent only that it is in violation of law, unenforceable
or void, will be deemed modified to the extent necessary so that it is no longer in violation of law, unenforceable or void, and
such provision will be enforced to the fullest extent permitted by law. If such modification is not possible, such provision, to
the extent that it is in violation of law, unenforceable or void, will be deemed severable from the remaining provisions of the
Releases, which provisions will remain binding on both the Employee and the Company. The Releases are governed by, and construed
and interpreted in accordance with the laws of the State of Colorado, without regard to principles of conflicts of law. The Releases
represent the entire understanding of the Parties with respect to the subject matter herein, and no oral representations have been
made or relied upon by the Parties.

 

(g)            The Employee acknowledges
and agrees that he forever waives any right to recover, and will not request or accept, anything of value from any of the Released
Parties as compensation or damages growing out of, resulting from, or connected in any way with his employment or the ending of
his employment with the Company, the employment practices of the Company, or with any other act, conduct, or omission of any of
the Released Parties, other than as specifically set out in this Agreement, whether sought directly by him or by any administrative
agency or other public authority, individual, or group of individuals on his behalf.

 

(h)            The Employee specifically agrees and
acknowledges that: (i) he has read and understands the terms of this Agreement, including the Releases; (ii) he is hereby advised
in writing by the Company to consult with an attorney prior to executing this Agreement; (iii) following his execution of this
Agreement he has seven (7) days in which to revoke his Employee Release and that, if he chooses not to so revoke, this Agreement
shall become effective and enforceable on the eighth (8th) day following his execution of this Agreement (the “Effective
Date”). To revoke the Employee Release, the Employee understands that he must give a written revocation to the company,
within the seven (7)-day period following the Execution Date. If the last day of the revocation period is a Saturday, Sunday, or
legal holiday in the State of Colorado, then the revocation period shall not expire until the next following day which is not a
Saturday, Sunday or legal holiday. If he revokes the Employee Release, this Agreement will not become effective or enforceable
and the Employee acknowledges and agrees that he will not be entitled to any benefits in Sections 3(a)(i), 3(a)(ii), 3(b)(i), and
3(b)(ii) hereof; this Agreement is the final offer made to Employee and he is hereby provided with twenty-one (21) days from October
9, 2014 to consider this Agreement in general and as specifically required by and under the OWBPA. Employee acknowledges that he
was given a copy of this Agreement on October 9, 2014, that he has have had an opportunity to consult an attorney before signing
it and was provided a period of at least 21 days, or until October 30, 2014, to consider this Agreement. Employee acknowledges
that in signing this Agreement, he has relied only on the promises written in this Agreement and not on any other promise made
by the Company. Employee acknowledges that he understands that he has seven days to revoke this Agreement after execution hereof.

 

    	4

    	 

    

 

4.            Further Promises,
Undertakings, and Acknowledgements of the Employee.

 

(a)            Return of Company
Property. As of the Separation Date, the Employee shall promptly return to the President of the Company in good and working
condition all property of the Company or any of the other Released Parties in his possession, custody, or control, including without
limitation: (i) physical property, such as Company-provided equipment, computer and related equipment, credit card(s), key(s),
or identification or access card(s) or badge(s); (ii) access codes or passwords to the Company’s information or security
systems; and (iii) all Confidential Information (as defined below) and other physical or electronic documents concerning the business
or operations of the Company or any of the other Released Parties.

 

(b)            Removal of
Personal Property. The Employee acknowledges that he has removed all of his personal property from the Company’s offices
as of the date hereof.

 

(c)            Confidentiality.

 

(i)            The
Employee understands and acknowledges that during the course of his employment by the Company, he had access to and learned about
confidential, secret and proprietary documents, materials and other information, in tangible and intangible form, of and relating
to the Employer Group and its businesses and existing and prospective customers, suppliers, investors and other associated third
parties (collectively, “Confidential Information”). The Employee further understands and acknowledges that this
Confidential Information and the Company’s ability to reserve it for the exclusive knowledge and use of the Employer Group
is of great competitive importance and commercial value to the Company, and that improper use or disclosure of the Confidential
Information by the Employee might cause the Company to incur financial costs, loss of business advantage, liability under confidentiality
agreements with third parties, civil damages and criminal penalties.

 

    	5

    	 

    

 

(ii)            For
purposes of this Agreement, the term “Confidential Information” includes, but is not limited to, all information not
generally known to the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly to:
business processes, practices, methods, policies, plans, publications, documents, research, operations, services, strategies, techniques,
agreements, contracts, terms of agreements, transactions, potential transactions, negotiations, pending negotiations, know-how,
trade secrets, computer programs, computer software, applications, operating systems, software design, web design, work-in-process,
databases, manuals, records, articles, systems, material, sources of material, supplier information, vendor information, financial
information, results, accounting information, accounting records, legal information, marketing information, advertising information,
pricing information, credit information, design information, payroll information, staffing information, personnel information,
employee lists, supplier lists, vendor lists, developments, reports, internal controls, security procedures, graphics, drawings,
sketches, market studies, sales information, revenue, costs, formulae, notes, communications, algorithms, product plans, designs,
styles, models, ideas, audiovisual programs, inventions, unpublished patent applications, original works of authorship, discoveries,
experimental processes, experimental results, specifications, customer information, customer lists, client information, client
lists, manufacturing information, factory lists, distributor lists, and buyer lists of the Employer Group or its businesses or
any existing or prospective customer, supplier, investor or other associated third party, or of any other person or entity that
has entrusted information to the Company in confidence.

 

(iii)            The
Employee understands that the above list is not exhaustive, and that Confidential Information also includes other information that
is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential
or proprietary in the context and circumstances in which the information is known or used.

 

(iv)            The
Employee understands and agrees that Confidential Information developed by him in the course of his employment by the Company is
subject to the terms and conditions of this Agreement as if the Company furnished the same Confidential Information to the Employee
in the first instance. Confidential Information shall not include information that is generally available to and known by the public
at the time of disclosure to the Employee, provided that such disclosure is through no direct or indirect fault of the Employee
or person(s) acting on the Employee’s behalf.

 

(v)            Disclosure
and Use Restrictions. The Employee agrees and covenants: (A) to treat all Confidential Information as strictly confidential;
(B) not to directly or indirectly disclose, publish, communicate or make available Confidential Information, or allow it to be
disclosed, published, communicated or made available, in whole or part, to any entity or person whatsoever; and (C) not to access
or use any Confidential Information, and not to copy any documents, records, files, media or other resources containing any Confidential
Information, or remove any such documents, records, files, media or other resources from the premises or control of the Employer
Group, except as required in the performance of any of the Employee’s
remaining authorized duties or with the prior consent of the company in each instance (and then, such disclosure shall be made
only within the limits and to the extent of such duties or consent). Nothing herein shall be construed to prevent disclosure of
Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent
jurisdiction or an authorized government agency; provided that the disclosure does not exceed the extent of disclosure required
by such law, regulation or order. The Employee shall promptly provide written notice of any such required disclosure to the company.

 

    	6

    	 

    

 

(vi)            Duration
of Confidentiality Obligations. The Employee understands and acknowledges that his obligations under this Agreement with regard
to any particular Confidential Information shall commence immediately and shall continue during and after his employment by the
Company for ten (10) years from the Separation Date; provided, however, that the Employee’s obligations with respect to any
trade secrets shall continue beyond ten (10) years for so long as such information remains a trade secret under applicable law.

 

(d)            Non-Competition.

 

(i)            Because
of the Employer Group’s legitimate business interest as described herein and the good and valuable consideration paid to
the Employee, the Employee agrees and covenants not to engage in any Prohibited Activity within the nutritional supplement industry
for twenty-four (24) months after the Separation Date unless approved by the company in writing.

 

(ii)            For
purposes of this Section 4(d), the term “Prohibited Activity” means any activity in which the Employee contributes
his knowledge, directly or indirectly, in whole or in part, as an employee, employer, owner, operator, manager, advisor, consultant,
agent, partner, director, stockholder, officer, volunteer, intern or any other similar capacity, to an entity engaged in the same
or similar business as the Employer Group, including those engaged in the business of developing, marketing, manufacturing, and
selling athlete-focused, high quality nutritional supplements primarily to specialty resellers.

 

(iii)            Nothing
herein shall prohibit the Employee from purchasing or owning less than five percent (5%) of the publicly traded securities of any
corporation, provided that such ownership represents a passive investment and that the Employee is not a controlling person of,
or a member of a group that controls, such corporation.

 

    	7

    	 

    

 

(e)            Non-Solicitation
of Employees. The Employee agrees and covenants not to directly or indirectly solicit, hire, recruit, attempt to hire or recruit,
or induce the termination of employment of any employee of the Employer Group for twenty-four (24) months after the Separation
Date.

 

(f)            Non-Solicitation
of Customers. The Employee agrees and covenants, for twenty-four (24) months after the Separation Date not to directly or indirectly
solicit, contact (including but not limited to e-mail, regular mail, express mail, telephone, fax, and instant message), attempt
to contact or meet with the Company’s current, former or prospective customers, for purposes of offering or accepting goods
or services similar to or competitive with those offered by the Company.

 

(g)            Non-Disparagement.

 

(i)            The
Employee agrees not to express any statements, written or verbal, or cause or encourage others to make any derogatory or damaging
statements, written or verbal, that in any way interfere with their existing or prospective business relationships, or defame or
disparage the personal or business reputation, practices or conduct of the Company, the Employer Group, the Released Parties, the
Affiliated Entities and any of their members, managers, directors, owners, employees, officers, family members, representatives
and attorneys. Furthermore, the Employee will not represent himself as being an employee, officer, attorney, agent or representative
of MusclePharm Corporation, its subsidiaries or product lines, for any purpose. The Employee understands and acknowledges that
this Section 4(g) is a material inducement to the making of this Agreement and that he violates the terms of this Section 4(g),
any unvested Restricted Stock Units and any unvested Restricted Stock shall be immediately forfeited and the Company and the Employer
Group will be entitled to pursue any other legal and equitable remedies, including without limitation, the right to recover damages
(including but not limited to any amounts paid and/or owing under this Agreement) and to seek injunctive relief.

 

(ii)            This
Section 4(g) does not, in any way, restrict or impede the Employee from complying with any applicable law or regulation or a valid
order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that
required by the law, regulation, or order. The Employee shall promptly provide written notice of any such order to the company.

 

    	8

    	 

    

 

5.            Knowing and
Voluntary Acknowledgement. The Employee specifically agrees and acknowledges that: (a) the Employee has read this Agreement
in its entirety and understands all of its terms; (b) the Employee has been advised of and has availed himself of his right to
consult with his attorney prior to executing this Agreement; (c) the Employee knowingly, freely and voluntarily assents to all
of its terms and conditions including, without limitation, the waiver, release and covenants contained herein; (d) the Employee
is executing this Agreement, including the waiver and release, in exchange for good and valuable consideration in addition to anything
of value to which he is otherwise entitled; (e) the Employee is not waiving or releasing rights or claims that may arise after
his execution of this Agreement; and that (f) the Releases in this Agreement is being requested in connection with the cessation
of his employment with the Company.

 

6.            Restrictive
Covenant Remedies. In the event of a breach or threatened breach by the Employee of any of the provisions of this Agreement,
the Employee hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a
temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent
jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and
without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in
lieu of, legal remedies, monetary damages or other available forms of relief. Furthermore, any breach of Sections 4(c), 4(d), 4(e),
4(f) or 4(g) by the Employee, shall result in the immediate forfeiture of the Employee’s right, title and interest in and
to all unvested Restricted Stock Units and all unvested shares of Restricted Stock.

 

7.            Non-Disparagement
of the Employee. The Company agrees that, for a period of twenty-four (24) months from the Separation Date, it shall direct
its executive officers and directors that, either on behalf of the Company or in their personal capacity, they will not make (a)
any public statement that disparages or demeans the services, ability, business ethics or conduct of the Employee; or (b) any public
comments or statements detrimental to the interests of the Employee other than in the course of lawful competition with the Employee
or as otherwise permitted by law. This Section 7 does not, in any way, restrict or impede the Company or its executive officers
and directors from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an
authorized government agency; provided that such compliance does not exceed that required by the law, regulation, or order.

 

8.            Press Release.
The Company agrees that it will share an advance draft of any press release (or portion thereof) it intends to issue regarding
the Employee’s resignation from the Company. Notwithstanding the foregoing, the Company is under no obligation to revise
or modify any press release it intends to issue in that regard.

 

9.            Successors
and Assigns.

 

(a)            Assignment
by the Company. The Company may assign this Agreement to any subsidiary or corporate affiliate in the Employer Group or otherwise,
or to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business or assets of the Company. This Agreement shall inure to the benefit of the Employer Group and permitted successors
and assigns.

 

    	9

    	 

    

 

(b)            No Assignment
by the Employee. The Employee may not assign this Agreement or any part hereof. Any purported assignment by the Employee shall
be null and void from the initial date of purported assignment. Furthermore, the rights and
privileges conferred by the RSU Agreement may not be transferred, assigned, pledged or hypothecated in any way (whether by operation
of law or otherwise) and will not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer,
assign, pledge, hypothecate or otherwise dispose of the restricted stock conferred in the RSU Agreement, or of any right or privilege
conferred by the RSU Agreement, or upon any attempted sale under any execution, attachment or similar process, the unvested restricted
stock conferred pursuant to the RSU Agreement and the rights and privileges conferred by the RSU Agreement immediately will become
null and void.

 

10.            Governing
Law; Jurisdiction; Venue; and Waiver of Jury Trial. This Agreement, for all purposes, shall be construed in accordance with
the laws of the State of Colorado without regard to conflicts-of-law principles. Any action or proceeding by either of the Parties
to enforce this Agreement shall be brought only in any state or federal court located in the city and county of Denver, Colorado .
The Parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum
to the maintenance of any such action or proceeding in such venue. The
Parties irrevocably waive the right to trial by jury and agree not to ask for a jury in any such proceeding.

 

11.            Entire Agreement.
Unless specifically provided herein, this Agreement contains all the understandings and representations between the Employee and
the Employer Group pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements,
representations and warranties, both written and oral, with respect to such subject matter. The Parties mutually agree that the
Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of the Agreement.
In the event of any inconsistency between the statements in the body of this Agreement and the Employment Agreement, and the RSU
Agreement, the statements in the body of this Agreement shall control.

 

12.            Modification
and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in
writing and signed by the Employee and by the Chief Executive Officer of the Company. No waiver by either of the Parties of any
breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall
be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the
failure of or delay by either of the Parties in exercising any right, power or privilege hereunder operate as a waiver thereof
to preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.

 

    	10

    	 

    

 

13.            Severability.
Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any
portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder
of this Agreement, the balance of which shall continue to be binding upon the Parties with any such modification to become a part
hereof and treated as though originally set forth in this Agreement.

 

The Parties further
agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing
such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or
all of the offending provision, adding additional language to this Agreement or by making such other modifications as it deems
warranted to carry out the intent and agreement of the Parties as embodied herein to the maximum extent permitted by law.

 

The Parties expressly
agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In any event,
should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified
as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had not been set forth
herein.

 

14.            Captions.
Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of
this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

 

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

 

16.            Tolling.
Should the Employee violate any of the terms of the restrictive covenant obligations articulated herein, the obligation at issue
will run from the first date on which the Employee ceases to be in violation of such obligation.

 

17.            Attorneys’
Fees. Employee will remain indemnified for all existing and any future investigations or litigation related to his employment
with the Company and duties performed pursuant to such employment even after resignation from his current position with the Company.
Company will be responsible for any legal fees incurred during any investigation or litigation. Should the Employee breach any
of the terms of the restrictive covenants obligations referenced herein, to the extent authorized by state law, the Employee will
be responsible for payment of all reasonable attorneys’ fees and costs that the Company incurred in the course of enforcing
the terms of the Agreement, including demonstrating the existence of a breach and any other contract enforcement efforts.

 

    	11

    	 

    

 

18.            Section 409A.
This Agreement is intended to comply with Section 409A (“Section 409A”) of the Internal Revenue Code of 1986,
as amended (the “Code”), or an exemption thereunder and shall be construed and administered in accordance with
Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon
an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may
be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral
shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided
under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of
employment shall only be made upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the
Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no
event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred
by the Employee on account of non-compliance with Section 409A.

 

19.            Notice.
The Employee agrees to notify any subsequent employer of the restrictive covenants section contained in this Agreement. In addition,
the Employee authorizes the Employer Group to provide a copy of the restrictive covenants section of this Agreement to third parties,
including but not limited to, the Employee’s subsequent, anticipated or possible future employer.

 

20.            Employment
Taxes. Any payments made pursuant to this Agreement will be reported on Form W-2, if so required, and shall be subject to withholding
of applicable income and employment taxes.

 

21.            Acknowledgment
of Full Understanding. THE EMPLOYEE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO
THIS AGREEMENT. THE EMPLOYEE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY
OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT. THE EMPLOYEE FURTHER ACKNOWLEDGES THAT HIS SIGNATURE BELOW IS AN AGREEMENT TO RELEASE
THE COMPANY FROM ANY AND ALL CLAIMS.

 

[Signature Page Follows]

 

    	12

    	 

    

 

IN WITNESS
WHEREOF, the Parties have executed this Agreement as of the Execution Date.

 

 

	 	 	MUSCLEPHARM CORPORATION
	 	 	 
	 	 	 
	 	 	By: 	/s/ Richard Estalella
	 	 	 	Name: Richard Estalella
Title: President
	 	 	 	 
	EMPLOYEE	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ Sydney Rollock	 	 	 
	Sydney Rollock	 	 	 

 

    	13

    	 

    

 

EXHIBIT
A

 

October 10, 2014

 

Brad Pyatt

MusclePharm Corporation

4721 Ironton Street

Building A

Denver, Colorado 80239

 

Brad:

 

I would like to notify
you of my intent to resign effective October 10, 2014. As of that date, I would resign any positions in relation to any employee
benefit plans sponsored or maintained by the foregoing entities.

 

I hereby resign from
my position as the Chief Marketing & Sales Officer position effective October 17, 2014. Notwithstanding the foregoing, I hereby
agree to perform my obligation pursuant to that certain Separation and Release of Claims Agreement dated the date hereof.

 

I have enjoyed my time
here and there were no disagreements as to any matter relating to the Company’s operations, policies or practices or otherwise,
between the Company and me relative to this decision.

 

	 	 
	 	  	Sincerely,
	 	 	 
	 	 	 
	 	 	/s/ Sydney Rollock
	 	 	Sydney RollockAPOL - Aug 31 2014 - EX.10.23

Exhibit 10.23

APOLLO EDUCATION GROUP, INC.

STOCK OPTION AGREEMENT

RECITALS

A.    The Corporation has implemented the Incentive Plan for the purpose of providing eligible persons in the Corporation’s service with the opportunity to receive one or more equity incentive awards designed to encourage them to continue their service relationship with the Corporation.
B.    Optionee is to render valuable services to the Corporation, and this Agreement is executed pursuant to, and is intended to carry out the purposes of, the Incentive Plan in connection with the Corporation’s grant of an Option to Optionee as an additional inducement to perform those services.
C.All capitalized terms in this Agreement shall have the meaning assigned to them in the attached Appendix.
NOW, THEREFORE, it is hereby agreed as follows:
1.    Grant of Option. The Corporation hereby grants to ____________________ (“Optionee”) on _________ (the “Grant Date”) a Non-Statutory Option to purchase [ ] shares of the Corporation’s Class A Common Stock (the “Option Shares”) at an exercise price of $[ ] per share (the “Exercise Price”), the closing price per share of such Class A Common Stock on the Nasdaq Global Select Market on the Grant Date.
2.    Option Term. The term of this Option shall commence on the Grant Date and continue in effect until the close of business on _________ (the “Expiration Date”), unless sooner terminated in accordance with Paragraph 5 or 6.
3.    Limited Transferability.
(a)    Except for the limited transferability provided under this Paragraph 3(a), this Option shall be neither transferable nor assignable by Optionee other than by will or the laws of inheritance following Optionee’s death and may be exercised, during Optionee’s lifetime, only by Optionee. However, this Option may be assigned in whole or in part during Optionee’s lifetime to a Living Trust, and the assigned portion may only be exercised by that Living Trust. The terms applicable to the assigned portion shall be the same as those in effect for this Option immediately prior to such assignment and shall be evidenced by an assignment agreement in form reasonably satisfactory to the Corporation. For purposes of this Paragraph 3(a), a Living Trust shall mean a revocable living trust established by Optionee or by Optionee and his spouse of which Optionee is the sole trustee (or sole co-trustee with his spouse) and sole beneficiary (or sole co-beneficiary with his spouse) during Optionee’s lifetime.

1

(b)    Optionee may also designate one or more persons as the beneficiary or beneficiaries of this Option, and this Option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon the Optionee’s death while holding this Option. Such beneficiary or beneficiaries shall take the transferred Option subject to all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this Option may, pursuant to Paragraph 5, be exercised following Optionee’s death.
4.    Dates of Exercise. This Option shall vest and become exercisable for the Option Shares as follows:____________________________, provided Optionee continues in the Company’s employ through each such vesting date.  The foregoing vesting schedule shall constitute the “Vesting Schedule” for the Option.  However, this Option may vest and become exercisable in whole or in part on an accelerated basis in accordance with the special vesting acceleration provisions of Paragraph 5(b) or Paragraph 6 of this Agreement.  As the Option becomes exercisable for one or more installments, those installments shall accumulate, and the Option shall remain exercisable for the accumulated installments until the Expiration Date or sooner termination of the Option term under Paragraph 5 or 6.
5.    Cessation of Service. The Option term specified in Paragraph 2 shall terminate (and this Option shall cease to be outstanding) prior to the Expiration Date should any of the following provisions become applicable:
(a)    Except as otherwise expressly provided in subparagraphs (d) and (f) of this Paragraph 5 or Paragraph 6(b), should Optionee cease to remain in Service for any reason while this Option is outstanding, then Optionee (or other permitted transferee of this Option in accordance with Paragraph 3(a)) shall have a twelve (12)-month period measured from the date of such cessation of Service during which to exercise this Option for any or all of the Option Shares for which this Option is, pursuant to the Vesting Schedule specified in Paragraph 4 or the special vesting acceleration provisions of Paragraph 5(b) or Paragraph 6 below, vested and exercisable at the time of Optionee’s cessation of Service, but in no event shall this Option be exercisable at any time after the Expiration Date.
(b)    Should (A) Optionee’s Service terminate prior to the completion of the Vesting Schedule by reason of (i) an involuntary termination of his employment by the Corporation other than for Cause, (ii) Optionee’s death or Disability, or (iii) Optionee’s resignation for Good Reason, (B) except in the case of Optionee’s Service terminating due to death or Disability, Optionee execute and deliver on a timely basis the general release required pursuant to Section 7 of the Employment Agreement, and (C) such release become effective and enforceable following the expiration of any applicable revocation period, then this option, to the extent outstanding at that time but not otherwise vested and exercisable for all the Option Shares, shall thereupon immediately vest and become exercisable for that number of additional Option Shares equal to the number of additional Option Shares for which this option would have otherwise been vested and exercisable in accordance with the Vesting Schedule had Optionee completed an additional twelve (12) months of Service prior to such termination of Service. 

2

(c)    Should Optionee’s Service terminate by reason of his death or Disability, then this Option, to the extent vested and outstanding at that time, pursuant to the Vesting Schedule specified in Paragraph 4 and any special vesting acceleration provisions that may have become applicable under Paragraph 5(b) above or Paragraph 6 below, may be exercised by (i) the personal representative of Optionee’s estate, (ii) the Living Trust to which this Option is transferred pursuant to Paragraph 3(a) of this Agreement or (iii) the person or persons to whom the Option is transferred pursuant to Optionee’s will or the laws of inheritance following Optionee’s death, as the case may be.  However, if Optionee dies while holding this Option and has an effective beneficiary designation in effect for this Option at the time of his death, then the designated beneficiary or beneficiaries shall have the exclusive right to exercise this Option following Optionee’s death.  Any right to exercise this Option pursuant to this Paragraph 5(c) shall lapse, and this Option shall cease to be outstanding, upon the earlier of (i) the expiration of the twelve (12)-month period measured from the date of Optionee’s death or (ii) the Expiration Date.
(d)    Should (A) Optionee’s Service terminate by reason of (i) an involuntary termination of his employment by the Corporation other than for Cause or (ii) Optionee’s resignation for Good Reason, (B) Optionee execute and deliver on a timely basis the general release required pursuant to Section 7 of the Employment Agreement, and (C) such release become effective and enforceable following the expiration of any applicable revocation period, then Optionee (or other permitted transferee of this Option in accordance with Paragraph 3(a)) shall have a twenty-four (24)-month period measured from the date of such cessation of Service during which to exercise this Option for any or all of the Option Shares for which this Option is, pursuant to the Vesting Schedule specified in Paragraph 4 and any special vesting acceleration provisions that may have become applicable under Paragraph 5(b) above or Paragraph 6 below, vested and exercisable at the time of such termination of Service.  In no event, however, shall this Option be exercisable at any time after the Expiration Date.  Upon the expiration of such limited exercise period or (if earlier) upon the Expiration Date, this Option shall terminate and cease to be outstanding for any exercisable Option Shares for which the Option has not otherwise been exercised.
(e)    The applicable period of post-Service exercisability in effect pursuant to the foregoing provisions of this Paragraph 5 shall automatically be extended by an additional period of time equal in duration to any interval within such post-Service exercise period during which the exercise of this Option or the immediate sale of the Option Shares acquired under this Option cannot be effected in compliance with the applicable registration requirements of federal and state securities laws, but in no event shall such an extension result in the continuation of this Option beyond the Expiration Date.
(f)    Should Optionee’s Service be terminated for Cause, then this Option, whether or not vested and exercisable, shall terminate immediately and cease to be outstanding.
(g)    During the limited period of post-Service exercisability provided pursuant to the foregoing provisions of this Paragraph 5, this Option may not be exercised in the aggregate for more than the number of Option Shares for which this Option is at the time vested and exercisable pursuant to the Vesting Schedule specified in Paragraph 4 or the special vesting acceleration provisions of Paragraph 5(b) above or Paragraph 6 below. Except as otherwise expressly provided 

3

in Paragraph 5(b) above, this Option shall not vest or become exercisable for any additional Option Shares following the Optionee’s cessation of Service.  Upon the expiration of such limited exercise period or (if earlier) upon the Expiration Date, this Option shall terminate and cease to be outstanding for any exercisable Option Shares for which the Option has not otherwise been exercised.
6.    Special Acceleration of Option.
(a)    Should a Change in Control be effected during Optionee’s period of Service but at a time when this Option is not otherwise fully vested and exercisable, then this Option shall automatically vest on an accelerated basis so that this Option shall, immediately prior to the effective date of such Change in Control, vest and become exercisable for all of the Option Shares at the time subject to this Option and may be exercised for any or all of those Option Shares as fully vested shares of Class A Common Stock.
(b)    Notwithstanding any provision to the contrary in this Agreement, the Option shall, immediately following consummation of a Change in Control, terminate and cease to be outstanding, except to the extent assumed by the successor corporation (or parent thereof) or otherwise continued in effect pursuant to the terms of the Change in Control transaction.
(c)    If the Option is assumed in connection with a Change in Control or otherwise continued in effect, then the Option shall be appropriately adjusted, immediately after such Change in Control, to apply to the number and class of securities into which the shares of Class A common stock subject to the Option would have been converted in consummation of such Change in Control had those shares actually been outstanding at the time.  Appropriate adjustments shall also be made to the Exercise Price, provided the aggregate Exercise Price shall remain the same.  To the extent the actual holders of the Company’s outstanding Class A common stock receive cash consideration for their Class A common stock in consummation of the Change in Control, the successor corporation may, in connection with the assumption or continuation of this Option, substitute one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Class A common stock in such Change in Control, provided such common stock is readily tradable on an established U.S. securities exchange or market.
(d)    The term “Change in Control” shall have the meaning assigned to such term in Section 3.1 (e) of the Plan.  For the avoidance of doubt, for purposes of this Section, a Change in Control shall only be considered effected, closed or consummated when the underlying transaction or event is completed and not when shareholder approval or another intermediate step relating to the Change in Control occurs.
(e)    This Agreement shall not in any way affect the right of the Corporation to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.
7.    Adjustment in Option Shares. Should any change be made to the Class A Common Stock by reason of any stock split, stock dividend, recapitalization, combination of shares, exchange of shares, spin-off transaction, extraordinary dividend or distribution or other change affecting the 

4

outstanding Class A Common Stock as a class without the Corporation’s receipt of consideration, or should the value of outstanding shares of Class A Common Stock be substantially reduced as a result of a spin-off transaction or an extraordinary dividend or distribution, or should there occur any merger, consolidation or other reorganization, then equitable adjustments shall be made by the Plan Administrator to (i) the total number and/or class of securities subject to this Option and (ii) the Exercise Price. The adjustments shall be made in such manner as the Plan Administrator deems appropriate in order to reflect such change, and those adjustments shall be final, binding and conclusive upon Optionee and any other person or persons having an interest in the Option. In the event of any Change in Control transaction, the adjustment provisions of Paragraph 6(c) shall be controlling.
8.    Stockholder Rights. The holder of this Option shall not have any stockholder rights with respect to the Option Shares until such person shall have exercised the Option, paid the Exercise Price and become a holder of record of the purchased shares.
9.    Manner of Exercising Option.
(a)    In order to exercise this Option with respect to all or any part of the Option Shares for which this Option is at the time exercisable, Optionee (or any other person or persons exercising the Option) must take the following actions:
(i)    Execute and deliver to the Corporation a Notice of Exercise as to the Option Shares for which the Option is exercised or comply with such other procedures as the Corporation may establish for notifying the Corporation of the exercise of this Option for one or more Option Shares.
(ii)    Pay the aggregate Exercise Price for the purchased shares in one or more of the following forms:
(A)    cash or check made payable to the Corporation;
(B)    shares of Class A Common Stock (whether delivered in the form of actual stock certificates or through attestation of ownership in a manner reasonably satisfactory to the Corporation) held for the requisite period (if any) necessary to avoid any incremental charge to the Corporation’s earnings for financial reporting purposes and valued at Fair Market Value on the Exercise Date; or
(C)    through a special sale and remittance procedure pursuant to which Optionee (or any other person or persons exercising the Option) shall concurrently provide irrevocable instructions (i) to a brokerage firm (reasonably satisfactory to the Corporation for purposes of administering such procedure in accordance with the Corporation’s pre-clearance/pre-notification policies) to effect the immediate sale of the purchased shares and 

5

remit to the Corporation, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate Exercise Price payable for the purchased shares plus all applicable Withholding Taxes required to be withheld by the Corporation by reason of such exercise and (ii) to the Corporation to deliver the certificates for the purchased shares directly to such brokerage firm on such settlement date in order to complete the sale.
Except to the extent the sale and remittance procedure is utilized in connection with the Option exercise, payment of the Exercise Price must accompany the Notice of Exercise (or other notification procedure).
(iii)    Furnish to the Corporation appropriate documentation that the person or persons exercising the Option (if other than Optionee) have the right to exercise this Option.
(iv)    Make appropriate arrangements with the Corporation (or Parent or Subsidiary employing Optionee) for the satisfaction of all Withholding Taxes applicable to the Option exercise.
(b)    As soon as practical after the Exercise Date and the Corporation’s collection of the applicable Withholding Taxes, the Corporation shall issue to or on behalf of Optionee (or any other person or persons exercising this Option) a certificate for the purchased Option Shares.
(c)    In no event may this Option be exercised for any fractional shares.
10.    Withholding Taxes. Optionee may satisfy the Withholding Taxes applicable to each exercise of this Option by (i) delivering to the Corporation that number of shares of Class A Common Stock at the time owned by Optionee (exclusive of the shares purchased at that time under this Option), duly endorsed for transfer to the Corporation and free and clear of any liens, claims, security interests or other encumbrances, with an aggregate Fair Market Value equal of the dollar amount of such Withholding Taxes, (ii) delivering to the Corporation cash, a check payable to the Corporation or such other form of payment permitted by the Plan Administrator in the aggregate dollar amount required to satisfy such Withholding Taxes or (iii) using a portion of the sale proceeds of the purchased Option Shares to satisfy such tax withholding amount, to the extent Optionee exercises the Option pursuant to the sale and remittance procedure set forth in paragraph 9(a)(ii)(C) hereof.
11.    Compliance with Laws and Regulations. The exercise of this Option and the issuance of the Option Shares upon such exercise shall be subject to compliance by the Corporation and Optionee with all applicable requirements of law relating thereto and with all applicable regulations of any Stock Exchange on which the Class A Common Stock may be listed for trading at the time of such exercise and issuance. All shares of Class A Common Stock issued pursuant to the exercise of this Option shall be registered on a Form S-8 registration statement under the Securities Act of 1933, as amended.

6

12.    Successors and Assigns. Except to the extent otherwise provided in Paragraphs 3 and 6, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Corporation and its successors and assigns and Optionee, Optionee’s assigns, the legal representatives, heirs and legatees of Optionee’s estate and any beneficiaries of this Option designated by Optionee.
13.    Notices. Any notice required to be given or delivered to the Corporation under the terms of this Agreement shall be in writing and addressed to the Corporation at its principal corporate offices or shall be effected by properly addressed electronic mail delivery. Any notice required to be given or delivered to Optionee shall be in writing and addressed to Optionee at the most recent address then on file for Optionee in the Corporation’s Human Resources Department. All notices shall be deemed effective upon personal or electronic delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified.
14.    Construction. This Agreement and the Option evidenced hereby are made and granted pursuant to the Incentive Plan and are in all respects limited by and subject to the terms of the Incentive Plan. All decisions of the Plan Administrator with respect to any question or issue arising under the Incentive Plan or this Agreement shall be conclusive and binding on all persons having an interest in this Option.
15.    Conflicting Provisions. This Option has been granted pursuant to the provisions of Section __ of the Employment Agreement, and this Agreement and the Option evidenced by such Agreement are subject to the terms of the Employment Agreement. In the event of any conflict between the provisions of the Employment Agreement and this Agreement or the Incentive Plan, the provisions of the Employment Agreement shall be controlling.
16.    Benefit Limitation. Notwithstanding any provision to the contrary in this Agreement, should any accelerated vesting of this Option in connection with a Change in Control transaction constitute a parachute payment under Code Section 280G, then such vesting acceleration shall be subject to the benefit limitation provisions of Section __ of the Employment Agreement.
17.    Proprietary Information and Intellectual Property Agreement.  Optionee accepts and agrees to comply with the terms of his Proprietary Information and Intellectual Property Agreement (“PIIPA”), attached as Appendix A to Optionee’s 2014 Employment Agreement and incorporated herein by reference.

18.    Governing Law. The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Arizona without resort to that State’s conflict-of-laws rules.
19.    Optionee Acceptance.  Optionee must accept the terms and conditions of this Agreement, either electronically through the electronic acceptance procedure established by the Company or through a written acceptance delivered to the Company in a form satisfactory to the Company.  In no event shall any Option Shares be exercisable under this Agreement in the absence of such acceptance.

7

IN WITNESS WHEREOF, Apollo Education Group, Inc. has caused this Agreement to be executed on its behalf by its duly-authorized officer on the date indicated below its signature line, and Optionee has executed this Agreement on the date below his signature line.
APOLLO EDUCATION GROUP, INC.

BY: ________________________________
TITLE: ____________________________

OPTIONEE
____________________________________

8

APPENDIX
The following definitions shall be in effect under the Agreement:
A.    Agreement shall mean this Stock Option Agreement.
B.    Board shall mean the Corporation’s Board of Directors.
C.    Cause shall have the meaning assigned to such term in the Employment Agreement, as in effect on the Grant Date. 
D.    Change in Control shall have the meaning assigned to such term in Section 3.1 of the Incentive Plan. 
E.    Class A Common Stock shall mean shares of the Corporation’s Class A common stock.
F.    Code shall mean the Internal Revenue Code of 1986, as amended.
G.    Corporation shall mean Apollo Education Group, Inc., an Arizona corporation, and any successor corporation to all or substantially all of the assets or voting stock of Apollo Education Group, Inc. which shall by appropriate action adopt the Incentive Plan. 
H.    Disability shall have the meaning assigned to such term in the Employment Agreement, as in effect on the Grant Date. 
I.    Employee shall mean an individual who is in the employ of the Corporation (or any Parent or Subsidiary), subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance.
J.    Exercise Date shall mean the date on which the Option shall have been exercised in accordance with Paragraph 9 of this Agreement.
K.    Exercise Price shall mean the exercise price per Option Share as specified in Paragraph 1 of this Agreement. 
L.    Expiration Date shall mean the date on which the Option expires as specified in Paragraph 2 of this Agreement.
M.    Employment Agreement shall mean the Amended and Restated Employment Agreement between the Corporation and Optionee dated June 5, 2014.
N.    Fair Market Value per share of Class A Common Stock on any relevant date shall be the closing price per share of Class A Common Stock on the date in question on the Stock Exchange serving as the primary market for the Common Stock, as such price is reported by the National Association of Securities Dealers (if primarily traded on the Nasdaq Global or Global Select Market) or as officially quoted in the composite tape of transactions on any other Stock 

A-1

Exchange on which the Common Stock is then primarily traded.  If there is no closing price for the Common Stock on the date in question, then the Fair Market Value shall be the closing price on the last preceding date for which such quotation exists.
O.    Good Reason shall have the meaning assigned to such term in the Employment Agreement, as in effect on the Grant Date 
P.    Grant Date shall mean the grant date of the Option as specified in Paragraph 1 of this Agreement.
Q.    Incentive Plan shall mean the Corporation’s 2000 Stock Incentive Plan, as amended and restated from time to time.
R.    Non-Statutory Option shall mean an option not intended to satisfy the requirements of Code Section 422.
S.    Notice of Exercise shall mean the notice of Option exercise in the form prescribed by the Corporation.
T.    Option shall mean the option granted under the Incentive Plan and evidenced by this Agreement.
U.    Option Shares shall mean the number of shares of Class A Common Stock subject to the Option as specified in Paragraph 1 of this Agreement. 
V.    Optionee shall mean the person to whom the Option is granted.
W.    Parent shall mean any corporation (other than the Corporation) in an unbroken chain of corporations ending with the Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.
X.    Plan Administrator shall mean either the Board or a committee of the Board acting in its capacity as administrator of the Plan. 
Y.    Service shall mean Optionee’s performance of services for the Corporation (or any Parent or Subsidiary, whether now existing or subsequently established) in the capacity of an Employee. For purposes of this Agreement, Optionee shall be deemed to cease Service immediately upon the occurrence of the either of the following events: (i) Optionee no longer performs services in an Employee capacity for the Corporation (or any Parent or Subsidiary) or (ii) the entity for which Optionee renders services in an Employee capacity ceases to remain a Parent or Subsidiary of the Corporation, even though Optionee may subsequently continue to perform services for that entity. Service shall not be deemed to cease during a period of military leave, sick leave or other personal leave approved by the Corporation.  However, except to the extent otherwise required by law or expressly authorized by the Plan Administrator or by the Corporation’s written 

A-2

policy on leaves of absence, no Service credit shall be given for vesting purposes for any period the Optionee is on a leave of absence. 
Z.    Stock Exchange shall mean the American Stock Exchange, the Nasdaq Global Market or Global Select Market or the New York Stock Exchange.
AA.    Subsidiary shall mean any corporation (other than the Corporation) in an unbroken chain of corporations beginning with the Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.
BB.    Vesting Schedule shall mean the schedule set forth in Paragraph 4 of this Agreement pursuant to which the Option is to become exercisable for the Option Shares in installments over the Optionee’s period of Service.
CC.    Withholding Taxes shall mean the federal, state and local income taxes and the employee portion of the federal, state and local employment taxes required by applicable laws and regulations to be withheld by the Corporation in connection with the exercise of the Option. 

A-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]