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Recent Developments from Around the States
GEORGIA
The Georgia Court of Appeals recently ruled that an executive employment contract was unenforceable due to lack of specificity in its provisions. Key v. Naylor, Inc., 2004 WL 1535227 (Ga. Ct. App. July 9).
Fay Key worked for a family-owned printing business. John Naylor, the owner of the company, was approaching retirement, and he decided to appoint his son, Steve Naylor, to the position of Chairman of the Board. Key was made company president. At the time of her promotion, Key was told that she would receive 20% of the company's stock. Steve Naylor and Key signed an employment contract for Key in October, 2000. This short contract referred to the transfer of 20% of the company's stock to Key, also provided for “10 years of employment,” and in addition gave Key the right to extend her employment indefinitely at her option. Furthermore, she was given the right to enforce the agreement indefinitely, even if she was no longer employed by the company. Under such circumstances, the Georgia appellate court held that the term or duration of the contract was indefinite.
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