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Remedies Keyed to Tabb, 8th
Boyle v. Petrie Stores Corp.
Citation:
518 N.Y.S.2d 854 (1985)Facts
Michael J. Boyle was recruited in 1982 by Milton Petrie, the 79-year-old founder and majority shareholder of Petrie Stores Corporation, to serve as president and chief executive officer under a carefully negotiated five-year employment contract. The contract, drafted by sophisticated counsel from Sullivan & Cromwell and Shearman & Sterling, provided for substantial compensation including $400,000 annual salary, bonuses, 50,000 shares of stock, stock options for 250,000 additional shares, and various other benefits. The agreement specifically defined grounds for termination “for cause” including willful misconduct in following board directions, conviction of a felony, habitual drunkenness, excessive absenteeism, dishonesty, and continuous conflicts of interest. The contract also provided for liquidated damages if Boyle were terminated without cause. After Boyle began work in November 1982, conflicts arose over authority and management style. In January 1983, when Boyle asserted his authority as CEO and questioned Petrie’s continued operational involvement, Petrie became enraged and fired him after only two months of employment. The board of directors ratified the termination without hearing from Boyle or examining the employment contract terms.
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