Blueprint
Exhibit
10.1
April
10, 2019
Alberto
Andrade
26
Malibu
Irvine,
CA 92602
Dear
Alberto,
We are
pleased to offer you the position of Chief Operating Officer. Your
starting annual base compensation will be $350,000 which will be
paid to you through payroll on a semi-monthly basis one pay period
in arrears. You will also be eligible to participate in
MusclePharm’s Discretionary Bonus Program and are eligible
for an annual bonus up to Two Hundred Forty-Five Thousand Dollars
($245,000). Bonus payments on MusclePharm’s Discretionary
Bonus Program are paid quarterly up to Sixty-One Thousand Two
Hundred Fifty Dollars ($61,250) per quarter and dependent upon the
Company’s financial and mutually agreed upon personal KPI
goals being met. In this position, you will report into the
Company’s CEO.
You
will also be eligible to participate in the following MusclePharm
benefits:
Benefits: Standard MusclePharm provided
benefits for full-time employees, currently include the
following:
●
401(k) retirement
account after Six Months of employment with up to a 4% company
match, MusclePharm enrolls eligible employees on a monthly
basis
●
Health, Dental,
Vision and Life & Disability Insurance (1st of the month
following start date)
●
Three days of sick
leave
●
After ninety days
you will accrue up to three (3) weeks of paid vacation per
year
●
US holidays
recognized by MusclePharm are effective immediately
Contingent
upon execution of this offer, you will also be eligible for the
following benefits:
●
A one-time Signing
Bonus of $30,000, to be paid through payroll evenly over the first
two full pay periods after your first day of employment (i.e. start
date of 4/25/2019, $15,000 on 5/15/2019 and $15,000 on 5/30/2019).
If you voluntarily exit the Company within the first twelve (12)
months of your employment, you will be responsible for paying back
the full amount of $30,000 immediately upon
termination.
●
Extended Stay
Housing Allowance for six months – maximum $2,000 per
month
●
Car Allowance, paid
through payroll $500 per month
●
Reimbursement for
all eligible business travel related expenses
●
The Company will
guarantee the following payments as described if terminated without
good cause for the benefit of the Company, upon the successful
execution of the Company’s Standard Release and Separation
Agreement:
■
If terminated after
six (6) months of employment, you will receive four (4) months of
your full salary.
■
If terminated after
twelve (12) months of employment, you will receive six (6) months
of your full salary.
■
If terminated after
twenty-four (24) months of employment, you will receive twelve (12)
months of your full salary.
■
If terminated in
the event of change in control of the Company, you will receive
twelve (12) months of your full salary.
Your
employment with MusclePharm is on an “At
Will” basis and, thus, either you or MusclePharm may
terminate the employment relationship at any time, with or without
cause. Additionally, this offer letter does not constitute a
contract of employment, and any or all of the benefits listed above
may be changed from time to time, at the sole discretion of
MusclePharm.
We are
pleased to welcome you to MusclePharm and we look forward to
accomplishing great success together. Please sign below to accept
this offer and plan to report to work on April 30,
2019.
Sincerely,
/s/
Gloria Medel
Gloria
Medel
Accounting
Manager / Human Resources Manager
gloria.medel@musclepharm.com
818.899.9952
Acceptance
of Job Offer:
_/s/
Alberto Andrade______________
Print
Name: _Alberto
Andrade______
Date:
__04/10/19__________________