An Ontario credit company was ordered to pay a retired VP almost $2 million in deferred bonuses, stock options and 24 weeks’ of unused vacation pay, because there was no written documentation of termination conditions and no employment contract.
The employee, Craig Boyer, was hired by Callidus Capital Corporation in 2009 as the company’s Vice President of underwriting and portfolio management, under what the court described as an “oral” employment agreement with the CEO at the time. Boyer remained with the company until 2016, when he retired.
Boyer participated in a deferred bonus plan as well as a stock option plan, and had accrued 24 weeks of unused vacation pay, all of which he expected payment of upon his retirement.
