Monsanto Company v. Boustany

"Termination of employment" occurred within the meaning of an incentive plan when the parent company sold all the stock of its subsidiary to another company and the employees continued to work for the subsidiary.

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On Petition for Review from the Court of Appeals for the First District of Texas

Argued on January 17, 2001

In this case we are called upon to construe an employee incentive plan and related stock option certificates. We must determine whether “termination of employment” occurred within the meaning of the incentive plan when the parent company sold all the stock of its subsidiary to another company and the employees continued to work for the subsidiary. The trial court granted summary judgment for the parent company. The court of appeals reversed and remanded the case to the trial court. We hold that the incentive plan and stock option certificates are unambiguous and that a “termination of employment” occurred within the meaning of those agreements. We therefore reverse the judgment of the court of appeals and render judgment for the parent company.

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Monsanto Company v. Boustany

"Termination of employment" occurred within the meaning of an incentive plan when the parent company sold all the stock of its subsidiary to another company and the employees continued to work for the subsidiary.

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