Hayes v. Resource Control, Inc.

The controversy arises from an agreement between the defendant, engaged in manufacturing water control devices and other related items, and the plaintiff, an engineer who conducted extensive research and development on such devices. The agreement provided for employment of the plaintiff for a term of three years at an annual salary of $25,000 plus certain stock options and for the sale of his proprietary interest in a water pollution device in exchange for 20,000 shares of the defendant’s stock. In the contract of employment the parties agreed that although the plaintiff would initially serve…