Newberger

The five plaintiffs, appellants herein, brought three actions for declaratory relief against the executors of the estate of Robert Avnet. Plaintiffs sought a declaration as to the validity or enforceability of five stock options granted them by decedent, and plaintiffs sought damages caused by the executors’ refusal to honor the options. Clare Avnet, decedent’s widow, filed complaints in intervention by way of answer and denied plaintiffs’ right to recover.

A nonjury trial was bifurcated on the court’s own motion and a consolidated judgment on the issue of liability was entered in favor of the defendant executors and the intervener. Plaintiffs appeal.

In 1962, and for varying periods prior thereto, each of the five plaintiffs was an employee of Avnet, Inc., an electronics corporation. In 1962 Charles Avnet and his two sons, Lester and Robert, the decedent, were principal .shareholders of Avnet, Inc. Charles, Lester and Robert agreed to grant stock options to the five plaintiffs individually out of their personal holdings of Avnet stock. Written option agreements in favor of each of the five plaintiffs were executed and were accepted by each plaintiff. Lester Avnet had…