In this appeal, defendant argued that she was an oppressed minority shareholder under N.J.S.A. 14A:12-7(1)(c) even though she contracted to be an employee at-will. After serving as plaintiff's Chief Financial Officer for thirteen years, she claimed that she had a reasonable expectation of continued employment and that her at-will designation was irrelevant and erroneous. A Consent Order entered by the parties in prior litigation between them validated their Shareholder Agreement and confirmed defendant's at-will status.
The court rejected defendant's reliance upon unpublished out-of-state cases as factually distinguishable and unpersuasive that defendant urged us to adopt for the proposition that an oppressed shareholder may have an expectation of continued employment. The court declined to do so, and affirmed the summary judgment dismissal of defendant's counterclaim on the basis that her at-will status was paramount.