[2012] NZEmpC 189 Haig v Carrington Farms & Ors [pdf, 250 KB]
...paid for his 10 per cent shareholdings. However, Mr Haig did not agree to this variation by executing a form of ‘Demand Promissory Note’ that Mr Kelly prepared and sent to him. Mr Kelly’s proposal was that the promissory note would have permitted Mr Haig: … to become immediately the equity owner of record of 10% of the shares of Edgewater Developers and Carrington Farms which, together with the 5% “sweat equity” interest you are receiving, will equal 15% of the equity...