Ex-24 Hour Fitness Chairman Sues Over $24M 'Phantom Stock'

Law360, Wilmington (October 30, 2012, 4:59 PM EDT) -- The former chairman of 24 Hour Fitness Worldwide Inc. sued the gym operator for at least $23.6 million in Delaware federal court on Monday, claiming the company reneged on a “phantom stock” agreement.

Chris A. Davis, who left the company’s board in March, alleges she was convinced in 2009 to stay with 24 Hour Fitness — despite having to commute from South Carolina to New York City — when the company promised to award her the phantom stock, worth $15 million at the time.

Davis claims...
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