Ingle v. Glamore Motor Sales, Inc.

535 N.E.2d 1311 (1989)

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Nature of the Case

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Facts

Ingle (P) was hired as a sale manager for Glamore (D) with no express agreement between the parties establishing duration of conditions of employment. Two years later, P entered into a written agreement with D to purchase 22 of 100 shares with a five-year option to purchase 18 more shares. The agreement also gave D the right to repurchase the shares if employment of P was to cease for any reason. Eventually, P purchased his 18 additional shares under a similar agreement but 60 more shares were issued by D, and they were purchased by D and his sons. A third shareholder agreement was made giving D the right to purchase within 30 days any shareholders' interests upon termination of employment for any reason. In 1983, P was voted out, and D notified P that he wanted to purchase P's shares. P sued for breach of fiduciary duty, and breach of contract. All causes of action were dismissed. P appealed.