Rapper Flo Rida is not happy with one of the brands he made famous, alleging they owe him some stock options and bonuses for his discounted services.
He and his lawyers are gearing up for trial next week.
According to MSN, the “Low” chart-topper and his legal team are taking the energy drink company he endorsed for two years in the 2000-teens to court, claiming the company is practicing funny business procedures, cutting him out of lucrative stock options and thousands of dollars.
The original lawsuit was filed in 2021, and now the trial starts on Jan. 10 in Broward County, Fl.
“It was specifically contemplated that as Celsius profited in the future, additional compensation would be paid by Celsius in the form of shares of company stock and ongoing royalties,” the lawsuit said.
The rap star’s lawyer John Uustal said he is asking for modest compensation of $30,000 in damages for his services from 2014 to 2016.
They said the artist is also owed stock via his original contract.
“He’s entitled to 500,000 shares of stock via the contract, and entitled to 250,000 shares of stock if certain things happen — one of those yardsticks is that a certain number of units of products need to be sold, but unfortunately the contract doesn’t specify which type of unit — is it a box, is it a drink? And there’s no timeframe or deadline,” the attorney said.
This is important because in 2014 when he entered his agreement, the company sold shares for $1 a piece, and now the price for a share is $100.
If Flo Rida wins, he could be awarded $50,000,000 in shares.
