Johnson v. Whitney Metal Tool Co.

At a meeting of the board of directors of the "Whitney Metal Tool Company, an Illinois corporation of Rockford, Illinois, held on February 26,1942, a resolution was adopted giving appellee, Mildred C. Johnson, nee Mildred C. Haegg, an option to purchase a substantial amount of the unissued stock of the company at a par value of $10 per share. This resolution recited that the option was being granted “as a reward for her many years of faithful devotion and loyalty to the interests of this company” and directed John Jensen, the then president of the company, to report back to the board of…