Summary
finding adequate consideration for a stock option plan where "options [could not] be exercised by the optionees until after one year of service, and the granting and exercise of future options depends upon continuance of service"
Summary of this case from Suppiah v. Sys. 3000, Inc.Opinion
Argued June 8, 1953 —
Decided June 15, 1953.
Appeal from the Superior Court, Chancery Division.
Mr. Nathan H. Gates of the New York bar argued the cause for the appellant ( Messrs. Osborne, Cornish Scheck, attorneys; Mr. Emanuel P. Scheck, Mr. Stanley L. Kaufman of the New York bar and Mr. Joshua Peterfreund of the New York bar, on the brief).
Mr. Josiah Stryker argued the cause for the respondent ( Messrs. Stryker, Tams Horner, attorneys; Mr. John W. Davis of the New York bar, Mr. George A. Brownell of the New York bar and Mr. Stuart Marks of the New York bar, on the brief).
The judgment is affirmed for the reasons expressed in the opinion of Judge Freund in the court below.
For affirmance — Chief Justice VANDERBILT, and Justices HEHER, OLIPHANT, WACHENFELD, BURLING, JACOBS and BRENNAN — 7.
For reversal — None.