Consolidated Engineering Corp. v. Nesbit

WESTOVER, District Judge.

The plaintiff in the above entitled actions had among its personnel some sixteen key employees. Being unable to pay its employees additional compensation to induce them to remain in the employ of plaintiff corporation in such key positions, in lieu thereof the corporation gave to each of its sixteen key employees an option agreement, covering a period of five years, which gave to these key employees the right to purchase, at a price of $5.00 .per share, certain shares of plaintiff corporation’s common capital stock, having a par value of $1.00 per share.

Among other…