Opinion ID: 1431780
Heading Depth: 1
Heading Rank: 2

Heading: correction as to the repurchase option.

Text: We also believe that a minor correction in the opinion of the Court of Appeals is necessary. One portion of the contract of sale between Double L and Pioneer Astro provided: 10. Repurchase Option. During the period January 1, 1984 through January 1, 1989, and for a period of six months after the termination of employment of any shareholder employee, any person who was a minority shareholder on September 1, 1982 may tender such shareholder's stock to Double L, Inc. and Double L, Inc. shall purchase such shares. In discussing the relation of this provision to the dissenters' rights statutes the Court of Appeals stated: Dale Waters' rights under this provision differed substantially from his statutory rights. First, the contract allowed him to exercise his repurchase option only if he was terminated from his job. Second, the option was not effective until January 1, 1984, fifteen months after the contract was executed. 114 Idaho at 266, 755 P.2d at 1304. This characterization by the Court of Appeals of the repurchase option provision is somewhat incorrect. As we read this portion of the contract, it allowed Dale to exercise his repurchase option (1) for a period of six months after the termination of his employment, and also (2) during the period from January 1, 1984 through January 1, 1989. However, we do not consider this difference in our reading of the terms of the repurchase option to affect the substance of the decision of the Court of Appeals rejecting the repurchase option as constituting substantial compliance with the dissenters' rights statutes.