Whalen v. Schoor, Depalma & Canger Group, Inc.

The opinion of the court was delivered by

BAIME, J.A.D.

This appeal and cross-appeal concern the enforceability of an amendment to a shareholder redemption agreement delaying the valuation date of redeemed stock until the completion of criminal proceedings pending against the corporation and its principal officer. Plaintiff, a former employee and minority shareholder of defendant Schoor, DePalma and Canger Group, Inc. (Schoor), brought suit for breach of the original redemption agreement, *503claiming that the amendment violated public policy. The Law Division granted summary judgment, finding that…