McDOUGAL v. APPLE BANK FOR SAV.


200 A.D.2d 418 (1994)

606 N.Y.S.2d 215

Jerome R. McDougal, Jr., Appellant, v. Apple Bank for Savings et al., Respondents Apple Bancorp, Inc., et al., Respondents, v. Jerome R. McDougal, Jr., Appellant

Appellate Division of the Supreme Court of the State of New York, First Department.

January 11, 1994


The record clearly demonstrates that plaintiff did not attempt to exercise his right to purchase stock under the option agreements, but instead tendered a surrender of the options for cash in accordance with the terms of his employment agreement. The attempted surrender took place more than seven months before the merger between the newly created Apple Merger Corp. into defendant Apple Bancorp, Inc., and thus the fact of such merger has no bearing on plaintiff's right to...

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