Electronic Cigarettes International Group Ltd fka ECIGQ

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Back to court we go ...

1. Plaintiff David Biscan is a resident of Georgia.

2. Defendant Electronic Cigarettes International Group Ltd, f/k/a Victory Electronic Cigarettes Corporation is a Nevada Corporation doing business in Ottawa County, Michigan.

3. This matter concerns events that occurred in and obligations that were to be performed in Ottawa County, Michigan.

4. This Court has jurisdiction over this action pursuant to 28 U.S.C. § 1332 because the matter in controversy exceeds $75,000 and the parties are citizens of different states

5. Venue is proper pursuant 28 U.S.C. § 1391 because Defendants do business in Ottawa and Kent counties and events occurred and obligations were to be performed in this District.

6. Plaintiff was employed by Defendant since September of 2013.

7. In July of 2013, Defendant became a public corporation.

8. In August of 2013, Defendant relocated to the State of Michigan.

9. In July of 2014, Defendant changed its name from Victory Electronic Cigarettes Corporation to Electronic Cigarettes International Group Ltd.

10. Defendant terminated Plaintiff’s employment on July 25, 2014.
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12. On September 23, 2013, Defendant offered Plaintiff employment with various compensation components.
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18. Marc Hardgrove, co-founder and Chairman of the Compensation Committee of Defendant, approved the exercise price of the options was $0.25 per share for Plaintiff.

19. John Perner, co-founder and President of Retail Sales, told Plaintiff the exercise price of the options was $0.25 per share.

20. On May 23, 2014, Plaintiff emailed Jim McCormick about exercising Plaintiff’s 25,000 of Plaintiff’s options for $0.25 on June 30, 2014.

21. Plaintiff did not receive a stock option award from Defendant until September 9, 2014 and it was at an option price of $8.82 per share.

22. On September 9, 2014, the stock price was $5.60 per share and the options had no value.

23. At the time of exercise, Defendant’s shares were valued at $8.82 per share.

24. On June 30, 2014, Plaintiff was wrongly denied the exercise of his cashless option of 25,000 shares at $0.25 per share
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36. During Plaintiff’s time, Plaintiff earned 50,000 options under the annual long term incentive with 25,000 vesting on September 23, 2014 and 25,000 vesting on September 23, 2015.

37. Defendant has not issued Plaintiff any of the 50,000 options under the annual long term incentive at this time.

WHEREFORE, Plaintiff respectfully requests that this Honorable Court enter a judgment against Defendant in the amount of $298,250 and order the issuance of 75,000 shares plus costs, interest, and attorney fees.