McClerin v. R-M Industries, Inc.

WALKER, Judge.

On 23 June 1993, plaintiff sued defendant for breach of a Settlement and Stock Purchase Agreement (agreement) entered into between the parties in settlement of a prior lawsuit between R-M Industries, Inc. (R-M Industries) and plaintiff. The agreement, which was attached to plaintiffs complaint, provided that plaintiff resign as Director of R-M Industries, that plaintiff transfer 9,716 shares to R-M Industries, and that defendant pay plaintiff a sum of $499,998.40 over the life of the agreement. The agreement contains a default provision which states that a breach of any term of…