Klein v. Caremark International, Inc.

This appeal arises out of the termination of employee Michael Klein, plaintiff-appellee and cross-appellant, from Caremark International, Inc. (Caremark or the Company), defendant-appellant and cross-appellee. On November 27, 1995, Klein and Caremark entered into a severance compensation agreement (Agreement). The Agreement provided Klein, who at the time was regarded as a key executive by Caremark, certain severance benefits in the event of a termination of Klein’s employment. The Agreement also provided that Klein could be terminated by Caremark in the event the board of directors of the…