Charles Hermanowski, Cross-Appellant v. Acton Corporation, Cross-Appellee
Court of Appeals for the Second Circuit
1Per curiam
In April 1975, plaintiff Charles Hermanowski agreed to terminate his employment contract as president of defendant Acton Corporation in return for $25,000 cash and a five year non-qualified stock option to purchase 50,000 shares of Acton’s common stock at $2 per share. In June 1976, Acton notified Hermanowski that his stock option had been cancelled. Hermanowski rejected that view and, in September 1979, sought to exercise a portion of the option by tendering a bank check for $10,000 and requesting delivery of 5,000 shares of stock. Acton returned the check stating that Hermanowski had “no…
2Cited by28 opinions
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