A so-called phantom stock agreement afforded plaintiff, a former executive officer for defendants, the right to receive 5% of the $115 million his employer anticipated on the sale of the business, which he did in fact receive. This action for fraud and breach of contract sought a declaration that the release plaintiff signed was invalid and unenforceable, and an additional $457,603.84, representing 5% of his employer's bank indebtedness that the purchaser assumed as part...
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