The appellant, an investment advisor, received a recruitment bonus structured as a loan to be forgiven annually if revenue targets were met.
After the employer failed to credit bonuses for two years, the parties signed an Amended Note extending the repayment period and acknowledging the unpaid bonuses.
Following his termination, the respondent sued to enforce the Amended Note.
The appellant argued the Amended Note lacked fresh consideration.
The Court of Appeal upheld the motion judge's finding that the Amended Note was supported by valid consideration, including clarification of the parties' relationship, tax deferral benefits, and an extended interest-free period.
The appeal was dismissed.