This is a corporate derivative action for breach of directors' fiduciary duty arising out of the cancellation of a contract entered into in 1967 between the corporation and its president, pursuant to which the president was to acquire 25,000 shares of the corporation's stock at $17.50 per share on or before October 10, 1970. The stock purchase agreement provided, among other things, for its termination or cancellation by either party in the event of the termination of the...
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