Opinion ID: 1887503
Heading Depth: 2
Heading Rank: 13

Heading: Olson Limited to His Cap and Comp

Text: Thereafter, the parties submitted pretrial briefs and the Vice Chancellor held a six-day trial on Olson's remaining claims in November and December 2008. The parties submitted post-trial briefs and engaged in post-trial argument on February 17, 2009. At trial and in his briefs, Olson focused on his purported entitlement to fair value for his interest in the Viking entities. Viking proved, and Olson admitted, that the Viking founders had agreed that a departing founder would receive only his capital account balance and accrued compensation. [12] The Vice Chancellor found that Olson did not prove that any other agreement superseded the cap and comp agreement. Rather, the Vice Chancellor held that [w]hile there is virtually no evidence, outside of Olson's own testimony, that the founders intended to depart from the `cap and comp' agreement, there is substantial evidence that Viking continued to act in conformity with the `cap and comp' agreement before and after the formation of Founders. [13] Thus, the Vice Chancellor concluded that Olson could not collect the fair value of his ownership interest in any of the Viking entities, but only his capital account balance and accrued compensation. [14]