Post by icemandios on Apr 8, 2021 0:03:53 GMT
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective as of April 5, 2021, MusclePharm Corporation (the “Company”) appointed Ms. Sabina Rizvi as the Company’s President and Chief Financial Officer.
Ms. Rizvi, age 53, joins the Company from Yum! Brands, where she most recently served as Chief Operating Officer, Yum! Digital and Technology. Before that, she held multiple other roles of increasing responsibility, including Vice President, Strategy & Repeatability from 2017 to 2019 and President and General Manager, Pizza Hut Thailand from 2014 to 2017.
The Company has agreed to pay Ms. Rizvi a base salary of $450,000 per year and she is eligible to receive an annual discretionary performance bonus targeted at 60% of her base salary for 2021 subject to the achievement of certain performance metrics.
In connection with her appointment, it is expected that Ms. Rizvi will enter into the Company’s standard form of indemnification agreement, the form of which has been filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 27, 2012.
Ms. Rizvi does not have a family relationship with any director or executive officer of the Company or person nominated or chosen by the Company to become a director or executive officer, and there are no arrangements or understandings between Ms. Rizvi and any other person pursuant to which Ms. Rizvi was selected to serve as President and Chief Financial Officer of the Company. There have been no transactions involving Ms. Rizvi that would require disclosure under Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
On April 1, 2021, Allen Sciarillo departed from his position as the Company’s Chief Financial Officer, effective as of the date thereof.
Effective as of April 5, 2021, MusclePharm Corporation (the “Company”) appointed Ms. Sabina Rizvi as the Company’s President and Chief Financial Officer.
Ms. Rizvi, age 53, joins the Company from Yum! Brands, where she most recently served as Chief Operating Officer, Yum! Digital and Technology. Before that, she held multiple other roles of increasing responsibility, including Vice President, Strategy & Repeatability from 2017 to 2019 and President and General Manager, Pizza Hut Thailand from 2014 to 2017.
The Company has agreed to pay Ms. Rizvi a base salary of $450,000 per year and she is eligible to receive an annual discretionary performance bonus targeted at 60% of her base salary for 2021 subject to the achievement of certain performance metrics.
In connection with her appointment, it is expected that Ms. Rizvi will enter into the Company’s standard form of indemnification agreement, the form of which has been filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 27, 2012.
Ms. Rizvi does not have a family relationship with any director or executive officer of the Company or person nominated or chosen by the Company to become a director or executive officer, and there are no arrangements or understandings between Ms. Rizvi and any other person pursuant to which Ms. Rizvi was selected to serve as President and Chief Financial Officer of the Company. There have been no transactions involving Ms. Rizvi that would require disclosure under Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
On April 1, 2021, Allen Sciarillo departed from his position as the Company’s Chief Financial Officer, effective as of the date thereof.