Rotem Sela and Tornado announced today (Thursday) that they have reached an agreement in good spirits and outside the walls of the court, according to which Tornado will remove the lawsuit it filed, and Sela will continue to represent the company in 2022 as well. “Tornado and Rotem Sela Egypt on the jarring tones exchanged between the parties’ lawyers and put it behind them,” the statement said.
Recall that a few weeks ago Tornado filed a lawsuit against Sela demanding that it be barred from signing a “exclusivity” agreement with Discount Bank, under which it will be the bank’s presenter.
Since 2016, Sela has been presenting Tornado products. In April 2021, Sela signed an extension of the contract with Tornado, as part of which it significantly improved its terms for the years 2021-2022. According to the contract, Sela receives NIS 850,000 excluding VAT per year for its services, after previously receiving NIS 375,000 per year.
But as revealed in Globes, Sela received a particularly tempting offer from Discount Bank. For the presentation services to the bank, she receives about NIS 2.5 million a year.
Sela informed Tornado following this that the contract between them will end at the end of 2021, and that materials with her participation in 2022 will not be used. Following this, the lawsuit was filed in the Tel Aviv District Court.
It should be noted that Tornado did not object to Sela representing Discount Bank at the same time, but objected to the exclusivity clause.
Already with the filing of the lawsuit we estimated at Globes that the move is part of Tornado’s negotiations to minimize the damage in Sela’s decision. Recall that recently launched an intensive campaign of Discount Bank starring Sela, which includes television, digital and other media.