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ELIASBERG v. STANDARD OIL CO.

23 N.J. Super. 431 (1952)

92 A.2d 862

JAY ELIASBERG, PLAINTIFF, v. STANDARD OIL COMPANY, DEFENDANT.

Superior Court of New Jersey, Chancery Division.

Decided November 12, 1952.

Attorney(s) appearing for the Case

Mr. Emanuel P. Scheck, Mr. John J. Clancy, and Mr. Stanley Kaufman and Mr. Joshua Peterfreund of the New York Bar, for the plaintiff (Messrs. Osborne, Cornish & Scheck, attorneys).

Mr. Josiah Stryker, and Mr. George A. Brownell, Mr. Edward F. Johnson and Mr. Stuart Marks, of the New York Bar, for the defendant (Messrs. Stryker, Tams & Horner, attorneys).

FREUND, J.S.C.

This action involves the legal validity of so-called restricted stock options granted as incentive to executives of the defendant Standard Oil Company, a New Jersey corporation, pursuant to a plan recommended by the unanimous vote of the board of directors and adopted by a great majority of the stockholders.

The company's by-laws provide for 15 directors. On March 29, 1951 the board of directors...

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