Celsius on Thursday was sued by former investment manager Jason Stone, as pressure continues to mount on the firm amid a crash in cryptocurrency prices. Stone has alleged, among other things, that Celsius CEO Alex Mashinsky (above) was “able to enrich himself considerably.”
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Embattled lending platform Celsius has withdrawn its motion to bring back ex-CFO Rod Bolger at $92,000 a month, prorated over a period of at least six weeks, according to a court document filed in the Southern District of New York on Friday. The notice of withdrawal came just ahead of a hearing scheduled for Monday to review it.
While Bolger worked full-time with the company as CFO, the original motion shows that he had a base salary of $750,000 and a performance-based cash bonus of up to 75% of his base, in addition to stock and token options, bringing the top of his total income range to around $1.3 million. The filing also indicated that Bolger is technically still on the company’s payroll.
“On June 30, 2022, Mr. Bolger gave notice to the Debtors that he was voluntarily terminating his employment,” reads the filing. “In accordance with his Termination Notice and the terms of his Employment Agreement (as defined below), Mr. Bolger is required to give the Debtors eight weeks’ notice, which he has done, and he is continuing to serve as an employee of the Debtors.”
Had the motion been approved, it is unclear whether Bolger potentially would have…
