Spain, J.
In 1985, plaintiff insurance company purchased the Anthony-Halton Associates insurance agency, which at the time was partly owned by defendant Robert L. Halton (hereinafter defendant). In 1987, Anthony-Halton merged with Progressive Coverage (hereinafter Anthony-Halton/Progressive), another agency owned by plaintiff, and defendant was retained as its president. Pursuant to the terms of an amended employment agreement, defendant was to receive an annual salary...
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