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Corporations Keyed to Hazen
Hartman v. BigInch Fabricators & Construction Holding Co.
Citation:
148 N.E.32 1017 (Ind. Ct. App. 2020)Facts
On March 1, 2006, the shareholders of the corporate predecessor to the company entered into a shareholder agreement that included the obligations of the shareholders. It required the company to purchase the shares of any shareholder who is involuntarily terminated as an officer or director of the company. Pursuant to the shareholder agreement, this purchase must be made at appraised market value on the last day of the year preceding the valuation, determined in accordance with generally accepted accounting principles by a third-party valuation company. In March 2018, Hartman was involuntarily terminated from his position as a director and officer at the company, triggering the required purchase provisions in the shareholder agreement. To company with his terms, the company retained Wonch Valuation Advisors to appraise the value of Hartman’s shares. Wonch’s report valued Hartman’s 8,884 shares at $3,526,060.
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