Shaffer v. Terrydale Management Corp.

SHANGLER, Presiding Judge.

The plaintiffs Shaffer and Burrus brought an action for declaratory judgment to determine the right of defendant Terry-dale Management Corporation to exercise an option to purchase their shares under the terms of a stockholders agreement. The plaintiff Burrus died during the pendency of the action and the widow as administra-trix was substituted as a party. The trial court adjudged that Shaffer and Burrus were not in the “employment” of the Terry-dale Corporation within the sense of the stockholders agreement and so, upon “termination of employment,” their shares…