Waldorf v. KMS Industries, Inc.

Plaintiff left his position of prior employment in 1967 and joined the defendant company, a Delaware corporation with its principal office in Michigan. Part of the inducement for the plaintiff to join the defendant corporation was a promise of a stock transfer which was incorporated into an agreement signed one day after the plaintiff joined the defendant company. The contract provided that the defendant would sell plaintiff 2,500 shares of its common stock at one cent per share, hut that the company would have the right to repurchase a certain declining percentage of the shares at the…