Chris A. Davis, the former chairman of the 24 Hour Fitness Worldwide gym chain, sued the company for $23 million, contending she’s owed payments for a promised “phantom stock” award.

Davis lawyers claim the company wrote to her in September advising her the award “is not a valid obligation of the company.”

A phantom stock award is a long-term benefit plan in which the recipient holds the rights to the value of shares, not the actual shares, until payout.