payments. Whereas the investment periods under the 2000 Plan
were annual periods, the 2004 and 2006 Mezzanine CIPs provided
for Investment Periods based on the cumulative dollar amount of
investments made in the given investment period. The timing
of profit-sharing payments to participants was tied to the end of
an Investment Period, such as the end of the Fund 1 Investment
Period or the Fund 2 Investment Period.
 Article 7.1 of the Plan provided, in part, that “[p]ayments
in respect of Investment Proceeds and Net Fee Income will be
made in respect of each Investment Period within 45 days after
the end of the Fiscal Year in which an Investment Period ends,
and semi-annually thereafter on June 15 and December 15 . . . to
the extent such Investment Proceeds and Net Fee Income are received by [RBCDS]” (emphasis added).
 Mr. Manastersky did not receive any Mezzanine CIP payments from 2008 to 2014. His interests in Funds 1 and 2 were
carried during that period of time, with final payments in respect
of those funds made to him in 2015 and 2016.
 Article 7.2 of the Mezzanine CIP prescribed the priority of
distribution of the proceeds from the disposition or realization
of an investment in a portfolio for an Investment Period. In general terms, such proceeds were to be used first to return to
RBCDS its invested capital and a stipulated annual rate of
return, with the remainder of the proceeds to be split 85/15
between RBCDS and participant employees, who would share the
15 per cent split in accordance with their vested points.
 The duration of the Mezzanine CIP: Under art. 9.3, the
CIP’s Management Committee was entitled to terminate the CIP
effective “as of the end of any Investment Period with respect to
future Investment Periods”.
The termination of Mr. Manastersky’s employment and
the Mezzanine CIP
 By mid-2013, Mr. Manastersky was advised that RBCDS
was reconsidering its continued reinvestment in the Mezzanine
Fund. In an October 2013 presentation, Mr. Manastersky canvassed the possible termination of the Mezzanine CIP and
moving the RBCDS Mezzanine Fund team into the Bank’s client
services group. He noted that a pending transaction would
effectively bring the Fund 2 Investment Period to an end and that
the Fund’s portfolio would mature naturally over the next three
 By late 2013 or early 2014, a business decision evidently
had been made to pursue mezzanine investments using Bank