Impala Partners v. Borom

Order, Supreme Court, New York County (O. Peter Sherwood, J.), entered May 7, 2015, which, inter alia, granted plaintiffs’ motion for partial summary judgment dismissing defendant’s first counterclaim, unanimously reversed, on the law, without costs, and the motion denied.

Defendant, a former founding partner of plaintiffs, left the company in 2009 for another firm. To facilitate his departure, plaintiffs and defendant negotiated a Reorganization Agreement, pursuant to which defendant was to receive a 23% payout of the “Net Proceeds” of what was referred to as “that certain transaction with…