Opinion ID: 21695
Heading Depth: 3
Heading Rank: 2

Heading: Initial Grant of the 75,000 Shares

Text: 23 Jordan contends that there is a genuine issue of material fact as to whether it actually received the full 75,000 shares of stock. Kimmons transferred 65,000 shares of stock to the Plaintiff and 10,000 shares to Verbecke. Jordan argues that the 65,000 shares were transferred prior to the execution of the contract and thus were not pursuant to the contract. In the alternative, Jordan contends that even if the 65,000 shares were transferred pursuant to the contract, Kimmons still owes the other 10,000 shares. Kimmons counters that the stock was delivered seven months after the execution of the contract but that the date of issuance was backdated so that the one-year vesting requirements would lapse sooner. Kimmons also contends that the 10,000 shares were delivered to Verbecke upon the request of Jordan, to reward Verbecke for introducing Jordan to Kimmons. Jordan contends that this transfer of the stock was pursuant to an agreement independent of the one between Angus and GKIS. Alternatively,Jordan argues that Kimmons breached the contract by transferring the stock to Verbecke without a written modification to the contract. 24 Upon review of the record, we find no evidence to establish a genuine issue of material fact. Kimmons produced a letter, dated July 16, 1997, addressed to its shareholder service company, requesting that 65,000 shares of stock be transferred to Jordan. The letter sets the date of issuance at July 1, 1996. Therefore, Kimmons has produced documentation that supports its allegation that the stock was transferred after the execution of the contract, pursuant to the agreement of the parties. On the other hand, Jordan produced no evidence beyond its conclusory allegations, to support a finding that the stock was transferred prior to the contract. Thus Jordan has not established a genuine issue of material fact as to whether the granting of the 75,000 shares of stock was pursuant to the contract. 25 Jordan also fails to establish a genuine issue of material fact regarding the transfer of the 10,000 shares to Verbecke. Kimmons produced deposition testimony to show that after the contract was executed, Jordan instructed Kimmons to issue the shares to Verbecke as compensation for her introducing Jordan to Kimmons. Jordan produced no evidence of a contemporaneous complaint from Jordan or any of its agents about not receiving the other 10,000 shares. During the summary judgment hearing, Jordan's counsel contended Kimmons had signed a written agreement with Verbecke to compensate her for introducing Jordan to Kimmons. However, Jordan failed to introduce any such written agreement in opposition to summary judgment. Accordingly, Jordan failed to establish in the summary judgment evidence any genuine dispute with respect to the breach of contract claim. We thus affirm the granting of summary judgment on this issue.