- 7 - sell Mr. Polsky’s shares was enforceable in a court of equity by a decree of specific performance. Termination of Mr. Polsky On August 2, 1990, Gerald R. Forsythe, Chairman of the Board of Indeck, notified Mr. Polsky by letter that his employment with Indeck would terminate on September 5, 1990, in accordance with paragraph 12.c. of the Employment Agreement, on the ground that Indeck’s negative net worth exceeded $500,000 as of November 30, 1989. Shortly thereafter, Mr. Polsky and Mr. Forsythe met regarding the termination letter and the possibility of renegotiating the terms of Mr. Polsky’s employment. When Mr. Polsky did not accede to terms of a new agreement, he received a letter on September 21, 1990, advising that his employment with Indeck would terminate on September 22, 1990. Mr. Polsky’s employment with Indeck did terminate on that date. At that time, Mr. Polsky held 30 of Indeck’s 100 issued and outstanding shares of common stock. Dispute Concerning Payment for Mr. Polsky’s Indeck Stock Mr. Polsky commenced an arbitration proceeding against Indeck on September 21, 1990. In the arbitration, Mr. Polsky sought an award of compensatory damages for breach of the Employment Agreement, including the amount he would have received in salary, bonuses, and percentage compensation, as well as the value to which his Indeck shares would have appreciated by JunePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011