Englert
Englert v. Ivac Corp.
Opinion
Opinion
Ehrenfreund, J.
Ivac Corporation (IVAC) appeals the judgment after special jury verdicts found Jerry F. Englert was entitled to 26,00o shares of IVAC stock on payment of $32,500. We affirm the judgment.
Englert sought specific recovery of his stock certificates alleging IVAC had wrongfully retained them.
Facts
On June 26, 1969, Englert entered into an employment agreement with IVAC, which included the issuance to Englert of 150 shares of IVAC stock at $125 per share. IVAC held the shares as collateral for Englert’s promissory note of $18,750. If Englert voluntarily left his employment at IVAC, the company had the right to repurchase the stock; if he involuntarily left the company, Englert had “ninety (90) days after written notice served upon him ... by IVAC to pay the unpaid balance ... and . . . release ... all shares pledges [j/c] ... as collateral.” On August 27, 1969, the parties executed a second identical contract. On December 4, 1969, Englert signed a letter from Richard Cramer, president of IVAC, confirming the mechanics of payment on the notes at termination.
On March 3, 1971, the parties replaced the original note dated June 26, 1969, with three notes payable on June 26,…