Stefan Boyd’s former Salad financial director, continues the company for $ 1.2 million after having been properly offset to have helped increase the assessment of the company.
Documents indicate that he was hired in 2019 to revise the quick relaxed infrastructure, build expansion systems and prepare the company for a capital increase.
According to court documents, in return, Boyd accepted a salary below the market and a deferred compensation in exchange for participation in the plan of the unit of actions (water) of the company, which has promised payments linked to the increase in the assessment of the company. In 2023, Boyd left the company under a separation agreement designed with the CEO of Salad Nick Kenner. The agreement would have included a bonus provision which would grant Boyd a lump sum payment if the salad was an increase in capital worth $ 250 million or more before December 31, 2024.
Last year, just a salad raised $ 200 million to an evaluation of almost a billion dollars. But instead of rewarding Boyd, the company would have told him that he was not entitled to any funds. Under the separation agreement, Boyd claims that it could only obtain payment if the company sold at least 30% equity. Since the high valuation of the company allowed him to collect the funds by selling only 20%, Salad said that the condition was not met.
“Not rewarding Boyd in these circumstances would be absurd. It was a salad to deprive it of a payment due to an alleged technical reading of the separation agreement, the company would indeed say that the value it created was too large; He did his job too well; The foundation he built was too strong; The company has too generally public and has noted too much money, ”said court deposits.
In the conversations mentioned in the trial, Kenner would have admitted that the decision was unfair, even recognizing that Boyd would have received more than $ 5 million if he had stayed in the water. Instead, Kenner would have told Boyd that he was “screwed up” and should be proud of what he has accomplished. “You should wear it on your round professionally for the rest of your life,” said Kenner, according to the complaint.
Boyd alleges that other employees, including Kenner himself, were still paid on the basis of the capital increase, even after the end of the Water Plan in the weeks before the conclusion of the agreement. Boyd claims that this shows that the company honored the spirit of the plan for some, while using technicality to win.
“The law does not only allow the salad to avoid its promise in Boyd according to technicality,” said the complaint. “This court must only reject the inequitable, unfair and dishonest salad tactic and attribute to Boyd the compensation which it deserves without any doubt.”
In response, just salad said that the terms of the Boyd separation agreement were not respected and had not stipulated payment. He also noted that the document had been designed, negotiated, then signed by Boyd.
“This” case “represents nothing more than a litigation strategy that has repercussions by a former financial director, who left the company more than 24 months ago,” said a spokesperson for Salad in a statement. “This complaint makes wild allegations which are not supported by the facts surrounding his departure from the company and the verbal conversations in question are completely false and inflammatory. We are impatient to see the truth prevail while we present our facts before the Court of Law. ”
Just Salad operates nearly 100 locations on urban and residential markets in New York, Florida, Illinois, Massachusetts, New Jersey, Connecticut and Pennsylvania. The brand made its debut in 2006 in New York to meet the demand for healthier and practical products.
The funds collected will be used for investment in menu innovation, advanced technologies and customer experience.
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