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HERMANOWSKI v. ACTON CORP.

Nos. 757, 758, Dockets 83-7786, 83-7840.

729 F.2d 921 (1984)

Charles HERMANOWSKI, Plaintiff-Appellee Cross-Appellant, v. ACTON CORPORATION, Defendant-Appellant Cross-Appellee.

United States Court of Appeals, Second Circuit.

Decided March 7, 1984.

Attorney(s) appearing for the Case

Howard Gotbetter, New York City (Hyman & Miner, New York City, of counsel), for defendant-appellant-cross-appellee.

Stephen A. Weiner, New York City (Thomas F. Clauss, Jr., Winthrop, Stimson, Putnam & Roberts, New York City, of counsel), for plaintiff-appellee-cross-appellant.

Before MESKILL, PIERCE and PRATT, Circuit Judges.

PER CURIAM:

In April 1975, plaintiff Charles Hermanowski agreed to terminate his employment contract as president of defendant Acton Corporation in return for $25,000 cash and a five year non-qualified stock option to purchase 50,000 shares of Acton's common stock at $2 per share. In June 1976, Acton notified Hermanowski that his stock option had been cancelled. Hermanowski rejected that view and, in September 1979, sought to exercise a portion of the option by tendering...

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