Swain v. Kayko

Plaintiff, the sole stockholder and originator of Swain Industries, Inc., wished to relinquish control of the business to William F. Kayko, the plant manager. James E. Wells, attorney and codefendant, drafted the documents effectuating the transfer and is counsel for the defendants.

Two documents were drawn on July 30, 1968. *498The first, an "Agreement of Sale and Conditional Contract”, concerned the exclusive privilege and option to purchase the entire outstanding shares of said corporation owned by plaintiff, extended to Kayko. For such option, Kayko agreed to pay $25,000 per year in 2…