earnout;merger;"summary judgment";"Delaware Chancery Court";"change-of-control bonus";"Rule 56(h)";"contract construction";"discovery pending motion for summary judgment"

Comet Systems, Inc. v. Miva, Inc., (Del. Ch., Oct. 22, 2008), read opinion here. This Chancery Court opinion involves the interpretation of an earnout provision and a change-of-control bonus in a merger agreement. The Court’s own introductory overview of the the factual background and the issue addressed is the most efficient means to summarize this case