Hammond v. Bank of Newnan

Ruffin, Judge.

Harold Hammond sued the Bank of Newnan (“the Bank”) for money damages, alleging that the Bank failed to honor his option to purchase 5,000 shares of Bank stock at $20 per share which was extended to him when he became its president in 1986. The Bank moved for summary judgment and the trial court granted the motion.

The evidence, viewed in a light most favorable to Hammond, shows that in 1986 Hammond signed an employment agreement with the Bank which contained a “Contemplated Benefits” section. That section stated that “[a]fter the [Bank] is authorized to do business, the new…