Opinion ID: 195995
Heading Depth: 2
Heading Rank: 4

Heading: Coll's termination

Text: 57 On January 14, 1992, Coll's employment at PB was terminated by unanimous decision of the Board of Directors. PB wrote Coll, explaining that the sponsor companies--Polaroid and Behring--were disappointed with PB's business performance. Nevertheless, the letter explained, because Coll's termination was due in part to corporate restructuring, PB would pay Coll one year's salary as a lump sum severance payment, in accordance with his employment contract. Moreover, the letter continued, in the unlikely event of a payout under the long term bonus plan, you will be eligible for participation on a pro-rated basis. PB never achieved the two of the four goals originally proposed by Coll to be the 1992 targets of the LTIP.