Not even fully inked and already someone is coming after Beats for some guappo, but not for nothing, they may very well have a case!
Former CEO of MOG App, which is the company Beats bought to get an 11 Million song catalog so it could launch the Beats Music App, which is what got Beats to the Apple table, along with the headphones of course, David Hyman says he’s owed some moola;
The suit claims that, under an incentive plan adopted during Hyman’s tenure, he would be entitled to compensation including 2.5 percent of the company’s “currently outstanding equity interests,” with 1 percent due on the first anniversary of Hyman’s date of employment, and subsequent installments due in subsequent months. The suit also claims that he was promised a grant of 25 percent of the company’s outstanding equity interests following adoption of the incentive plan if the company achieved a fair market value of $500 million or more.
I mean I don’t know about all that legalese mumbo jumbo, but it sounds like homie might get some type of payoff, maybe not $20M, but some type of M’s
