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Corporations Keyed to Klein
Ingle v. Glamore Motor Sales, Inc
Facts
Plaintiff was hired as a sales manager by Defendant owner, James Glamore, in 1964 after Glamore rebuffed his offer to buy an equity share into the company. In 1966, Plaintiff entered a shareholders agreement with Glamore that provided 22 of 100 shares to Plaintiff with a provision that allowed Glamore to buy back the shares if Plaintiff was terminated for any reason. In 1982, another shareholders agreement allowed Plaintiff to buy another 22 of 60 shares, and that agreement also contained buyback language. In 1983, a shareholders meeting voted out Plaintiff from his position at Defendant company, and Defendants bought Plaintiff’s shares for $96,000. Plaintiff brought this suit, claiming that as a minority shareholder in a close corporation he was owed a fiduciary duty by Defendants to keep him in his employment as long as he was competent in his duties. Defendants argued, absent an employment agreement, Plaintiff was an at-will employee who would be adequately compensated with the buyback provision.
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