Share this article and your comments with peers on social media James Langton An Ontario court has ruled against a former investment banker who was seeking the payout of $1.6 million in deferred compensation that he left on the table when he resigned from his firm to start a hedge fund. The Ontario Superior Court of Justice sided with TD Securities Inc., which was sued by a former investment banker, Blair Levinsky, who resigned from the bank in January 2010 in order to start his own hedge fund. In doing so, the bank argued that Levinsky was giving up his claim to restricted share units that were granted under its long-term compensation plan in 2007-2009, which amounted to $1.6 million. According to the decision, he sued, arguing that the provision requiring forfeiture-on-resignation was a restrictive covenant, which was unreasonable, and therefore unenforceable. The bank said that the forfeiture provision was not a restrictive covenant; and, in any event, was reasonable. The court sided with the bank. It found that the RSUs were a form of loyalty incentive, not a restraint of trade, nor did it create vested rights for the recipient. “An award constituted an allocation of future compensation which was contingent upon the existence of certain facts at the time of maturity of the RSU in order for the recipient to receive the cash benefit of the award,” it says. Ultimately, the court concludes that forfeiture clause “was not in restraint in trade; it was a valid, binding and enforceable term of the contract of employment between Levinsky and the bank.” It denied his request for a declaration that it was a restrictive covenant and unenforceable, and dismissed his claim for payment of the amounts he forfeited in leaving the firm. Facebook LinkedIn Twitter
By JARROD POTTER LITTLE LEGEND – BRODY OGDEN TITAN – a person or thing of enormous strength, power or influence….[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.
By Nick Creely Cranbourne have locked away senior coach Steve O’Brien, with the Eagles’ main man signing a contract extension…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.
By Timothy Schafer, The Nelson Daily There are major challenges facing the 2011 Senior Games before it comes to the West Kootenay region, but they are challenges that could see the region prosper, says the president of the Games committee. Pat Metge said with the Waneta Dam expansion project in Trail, all of the construction projects in Castlegar and the stream of tourists that are regularly coming into Nelson, the Games next August will be hard pressed to accommodate 3,500 athletes. The region is going to be very busy, he said, and people coming to the Games are going to go beyond the accommodations of the three cities. “Accommodations up in the Slocan Valley, Nakusp way, there is a great opportunity here. These people will be in our communities for over four days,” he said. “The economic spin-off is great for our area.” The Games does not provide accommodations, food or transportation to the events, said Games vice president Keith Smythe. It will be the largest event the West Kootenay has seen, he said, with 28 events being split between three cities of Nelson, Trail and Castlegar. With a headquarters now being set up in Castlegar, the Games committee has to raise $50,000 in corporate sponsorship to go with the core grant of $85,000 from the Senior Games Society, $112,000 from registration fees for 3,500 registrations, $55,000 in cash from each city and $55,000 of in kind donations. “But we are very positive and we see it as a big challenge and an opportune time to bring our three areas together,” said Smythe. [email protected] Not everyone is happy with the Games There is some ill will towards the Games since the West Kootenay area of Creston and the Creston Valley was left out of the hosting process. Area C director Larry Binks wondered why the town of Creston, the valley and that side of the mountain were ignored. “If they come to me asking for money, I give this push back right away. I’m feeling a little out of sorts the way this is looking,” he said. Creston and the valley were not part of the bid package, said Smythe. “But, with regard to economic benefit, I think there will be total economic benefit to all areas of the West Kootenay because people will be traveling through your communities,” he said. “And there is a limit with regard to accommodations so who knows where people will be staying,” added in Metge. RDCK chair Gary Wright said so far the Creston area has not been asked to front any money for the Games.
United Airlines Polaris Class Cabin Getting a premium seat on United Airlines should become easier after the US carrier announced it will be adding 1600 Polaris business class and United First seats to almost 250 international and domestic aircraft.The airline is also adding 50 Bombardier CRJ-550 regional jets to its fleet, a move it says will offer customers on its regional routes a United First option as well as more legroom and storage than other regional aircraft.Both moves are aimed at luring big-spending premium travelers.READ: American-BA to be under one roof at JFK.United will introduce to its fleet the first of 21 reconfigured Boeing 767-300ER aircraft hosting 16 additional Polaris seats.This represents an increase of 50 percent and brings the premium cabin seat count to 46.United will initially operate the reconfigured 767s, which it boasts offers the highest proportion of premium seats on any widebody operated by a US carrier, between Newark/New York and London.Comfy chairs will also be more prevalent on the carrier’s Airbus A319 and A320 aircraft.From the US Fall, the airline will boost the number of United First seats on A319s from eight to 12. The A320s will see the number of United First seats increase from 12 to 16 from the beginning of next year.“In an era where many airlines are adding seats to their aircraft to crowd more passengers onto the plane, we’re re-configuring more than 100 of our aircraft and doing exactly the opposite – for the benefit of our customers,” said United chief commercial Andrew Nocella.United says the new Bombardier CRJ 550 regional jets will the first in the world to offer true US first class seating with 10 United First seats as well as 20 Economy Plus and 20 economy seats.The cabins will include LED lighting, a self-serve beverage and snack station for customers n the premium cabin, Wi-Fi and more overall legroom per seat than any other 50-seat aircraft flown a US carrier.There are also four storage closets that will mean customers will not need to routinely check carry-on at the gate.The airline expects regional partner GoJet to begin operating the CRJ 550 in the second half of this year on select routes from Chicago, O’Hare followed by Newark/New York.Billed as the world’s first triple class regional jet, the CRJ550 has a new type certificate based on the CRJ700.Bombardier is pushing it as an attractive offering to replace North America’s fleet of aging 50-seat jets, eying a market of more than 700 aircraft.
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Tim Hortons franchisees knew price increases on some menu items were coming, but the slight bump on breakfast menus the company confirmed Friday falls short of the 10 per cent across-the-menu hike those grappling with Ontario’s minimum wage hike feel they need, according to a franchisee association source.“Some restaurants in select markets have slightly increased prices for some breakfast menu items,” parent company Restaurant Brands International (TSX:QSR) said on Friday.“Regular adjustments to menu prices are a normal part of the restaurant business,” the Oakville, Ont.-based company said in a brief statement, making no connection between the move and the minimum wage controversy that’s landed the chain in hot water.A source from the Great White North Franchisee Association, a group not sanctioned by the company that aims to voice the concerns of the roughly half of Canadian franchisees it represents, confirmed RBI announced the price adjustment to franchisees weeks prior.The adjustments vary by area, the source said, but were added to a handful of items — mostly breakfast combos — and prices went up about 20 cents in many regions.The timing of RBI’s internal announcement indicates it has not bowed to mounting pressure from some franchisees, an industry group and the public to resolve how some store owners handled a 21 per cent jump in Ontario’s minimum wage, which kicked in Jan. 1.Some Tim Hortons franchisees in the province eliminated paid breaks, fully-covered health and dental plans, and other perks for their workers. The changes came to light after a letter from the owners of two Cobourg, Ont., franchisees circulated on social media.Those franchisees and the GWNFA partly blame RBI, which controls pricing, for refusing to help franchisees stomach the $2.40 jump in minimum hourly wages by boosting what they can charge for food and beverages, among other requests.The GWNFA source says franchisees want menu prices to go up by about 10 per cent across the board in Canada.The association estimates the minimum wage hike and other changes to the province’s labour laws will cost the average franchisee $243,889 a year. The calculation assumes an extra $3.35 hourly per employee, which also includes costs such as increased vacation pay.RBI denounced the actions taken by some franchisees and has said it’s committed to helping restaurant owners work through the changes. The company has declined to answer questions on how it intends to do that. Tim Hortons media relations declined to comment further Friday evening.Tim Hortons maintains individual franchisees are responsible for setting employee wages and benefits, while complying with applicable laws.Angry consumers have targeted both the parent company and the franchisees, taking to social media and encouraging others to #BoycottTimHortons in an effort to put pressure on either group to reverse the changes. Protesters also gathered outside Tim Hortons locations across Ontario this week.The Ontario Federation of Labour, an umbrella group for workers and their unions in Ontario, called on RBI’s chief executive Daniel Schwartz to take immediate steps to ensure his franchisees comply with and respect the spirit of the province’s labour laws.The dispute over employee wages and price hikes is the latest round of finger-pointing in an ongoing blame game between some franchisees and their corporate parent. They have publicly sparred over alleged mismanagement and filed several lawsuits against each other in recent months.Tim Hortons appears to have last adjusted prices Aug. 2, 2017 when it boosted what it charges for hot beverages and breakfast items.The last known prior price increase was in 2014.Follow @AleksSagan on Twitter.
OTTAWA, ONT – The Financial Post is reporting that the LNG Canada project on the West Coast is warning that Ottawa’s steel safeguards will have a direct impact on the viability of their venture — one that may cause delays, investor uncertainty and a scaling back of production targets.LNG Canada Development Inc. (the joint venture behind the largest private sector investment project in Canadian history) argues that extending the current, temporary safeguards on steel would also have serious negative repercussions on Canada’s “attempts to develop a reputation as a leader in global energy markets.” is reported by The Financial Post“The various procurement decisions and actual Project construction are expected to take place over the next five years, almost all of which would be while the provisional or, if imposed, definitive safeguard measures are in place,” according to documents seen by the Financial Post. Morneau’s safeguard announcement has prompted concerns about potential supply shortages in various downstream industries. The LNG filing suggests the restrictions could harm primary steelmakers too.“Canadian steel manufacturers that currently serve the energy industry have an entirely new sector in which to specialize and grow,” according to the document. “If Canada makes decisions that result in the inability of major projects to deliver on investment promises, including cost certainty, future investment will look elsewhere. This risk will impact all interested parties, including domestic producers, which are currently well positioned to take advantage of a growing demand for steel as a result of future investment in Canada’s oil and gas industry.”“We continue to listen to the concerns of some in the sector and are assessing ways to minimize the impact of safeguards in certain specific import situations while maintaining the broad objectives of the provisional safeguards,” a spokesperson from the Ministry of Finance said Wednesday.For more on this story from The Financial Post CLICK HERE “Subsequent phases of the Project (including the construction of two additional trains, doubling Plant capacity) require continued investor certainty, which is at risk due to safeguarding measures that have a significant impact in isolation, and compounded by other recent trade-restrictive measures taken by Canada.”Finance Minister Bill Morneau introduced immediate provisional safeguards on seven different steel products in October. As an attempt to block a potential flood of imports from being diverted into Canada because of U.S. steel and aluminum tariffs.The combination of tariffs and quotas are to remain in place for 200 days pending an independent investigation by the CITT — the quasi-judicial body charged with making a recommendation on whether the evidence warrants the imposition of “final safeguards” lasting three years, reports The Financial PostLNG Canada it is committed to providing opportunities to Canadian firms yet says it has been unable to find an alternate solution to this problem using domestic suppliers.This project requires certain steel products, such as energy tubular steel, which falls under the safeguard restrictions (many of which cannot be produced in Canada, the filing states. Example, 40 metre “inner rib piles”) used to build the port infrastructure in Kitimat, which are not fabricated in Canada. Even if they were, the filing states, they could not be safely transported to the remote project site.“To the extent LNG Canada will need to use imported steel products, it will be because they are required due to a lack of capacity or expertise among domestic producers, and where it is not commercially feasible or physically possible to transport steel products across Canada to the Project site in Kitimat,” the filing states.