Cumrine v. IPG, Inc.

Carley, Judge.

Appellee-defendant is a closely-held professional corporation engaged in the practice of architecture in Valdosta, Georgia. Until his retirement in 1984, appellant-plaintiff was a principal shareholder in appellee. In 1980, appellee and its shareholders, including appellant, entered into a “buy-sell” agreement. The “buy-sell” agreement provided that either upon the termination of a shareholder’s interest by a majority vote of appellee’s board of directors or upon the retirement of a shareholder, appellee would buy back that shareholder’s stock. The agreement specified employment…