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KEENE CORPORATION v. HOOFE

267 A.2d 618 (1970)

KEENE CORPORATION, Plaintiff, v. William J. HOOFE, III, Defendant.

Court of Chancery of Delaware, New Castle.

May 28, 1970.

Attorney(s) appearing for the Case

Hugh L. Corroon, of Potter, Anderson & Corroon, Wilmington, for plaintiff.

Rodman Ward, Jr., of Prickett, Ward, Burt & Sanders, Wilmington, for defendant.

MARVEL, Vice Chancellor:

The complaint herein seeks to have set aside a transaction in which four thousand shares of plaintiff's common stock were issued to defendant upon payment by the latter of the sum of $33,000 following his entry into plaintiff's employ and his execution of a stock option agreement governing his acquisition of such shares. Under the terms of § 10(a) of the plan (on the basis of which options for...

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