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Tramar Dillard, better known as Flo Rida, was given $82 million in damages after a jury determined Celsius owed him money for breaking an endorsement agreement.
With 2014, Flo Rida assisted in the company's founding.
If the rapper's contract with Celsius ended after the business met its sales targets, the conflict would be over.
The jury concluded that Celsius broke the terms of its 2014 contract with Flo Rida and lied about the violation.
via Forbes:
Flo Rida signed an endorsement deal with Celsius in 2014, and renewed it in 2016. In 2021, the rapper sued the brand, claiming he was not given stock options and other bonuses he was promised in his contract with them. These bonuses were promised if certain sales achievements were met, however, Flo Rida’s team argued the contract was vague, which prevented him from cashing in on them. “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,” lawyer John Uustal told Insider.
Flo Rida said he was also not privy to the Celsius’ financials, and he was not alerted when the company surpassed such goals, and didn’t know that he did. Lawyers for Celsius had argued in documents that the statute of limitations for Flo Rida to bring the complaint had passed, and that its deal with him had ended in 2018.
Flo Rida claimed his endorsement of the brand helped them rise to success. Shares of Celsius Inc. Holdings trade at over $100.
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