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TELXON CORP. v. BOGOMOLNY

No. C.A. 17706.

792 A.2d 964 (2001)

TELXON CORPORATION, Plaintiff, v. Richard J. BOGOMOLNY, John H. Cribb, Robert A. Goodman, RAJ Reddy, Frank Brick, Norton Rose, Robert F. Meyerson, and Telantis Venture V Inc., Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: October 29, 2001.

Revised: November 1, 2001.

Attorney(s) appearing for the Case

Joseph A. Rosenthal, Esquire, Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Delaware; Sidney B. Silverman, Esquire, (argued), New York, New York; and Walter Siegle, Esquire, Symbol Technologies, Inc., Attorneys for Plaintiff.

Henry E. Gallagher, Jr., Esquire, Connolly, Bove, Lodge & Hutz, LLP, Wilmington, Delaware; and Drew A. Carson, Esquire, (argued), Goodman, Weiss, Miller, LLP, Cleveland, Ohio, Attorneys for Defendants Bogomolny, Cribb, Goodman, Reddy, Brick and Rose.

Martin P. Tully, Esquire, Morris, Nichols, Arsht & Tunnell, Wilmington, Delaware, Attorneys for Defendant Meyerson.

OPINION

LAMB, Vice Chancellor.

I.

This action was filed as a derivative action on behalf of Telxon Corporation challenging an April 1996 stock option agreement between Telxon and its then board chairman, Robert F. Meyerson (the "Derivative Complaint"). The option agreement gave Meyerson the right to acquire 10% of the fully diluted equity of a valuable wholly owned subsidiary of Telxon and required Telxon to finance Meyerson's

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