Munson v. Indigo Acquisition Holdings, LLC

VandeWalle, Chief Justice.

*682 [¶1] Wayne Munson appealed from a district court judgment granting Indigo Acquisition Holdings' (IAH) motion for judgment on the pleadings. We conclude that the transaction at issue is exempt under the North Dakota Securities Act. We affirm.

I

[¶2] In 2009, Munson and other employees of Indigo Signworks entered into an agreement to participate in a Stock Appreciation Rights (SAR) program rather than receive bonuses. Under the program, Munson would be paid for his SARs if Indigo Signworks was sold. In 2016, IAH, a Delaware corporation, purchased Indigo Signworks.…