Opinion ID: 195995
Heading Depth: 2
Heading Rank: 1

Heading: Pre-hire statements

Text: 4 Coll agreed to an interview to discuss the position, and met with PB Board Chairman Peter Kliem (Kliem) and Polaroid's Donald Fronzaglia (Fronzaglia) at the Pillar House restaurant. Coll expressed concern that PB would not be able to offer him an equity share in the company because it was a 50/50 joint venture. Kliem confirmed that PB could not offer an equity share in the company, but explained that PB intended to create a Long Term Incentive Plan (LTIP) that would give the CEO the opportunity to earn up to $1,000,000 provided that PB met certain performance goals. Kliem indicated that PB did not yet have the LTIP in place, but that the company looked forward to developing it with the new CEO. In his deposition, Coll admits that he understood this to mean that any payout under the LTIP would be contingent upon the achievement of yet-to-be-defined performance goals. Coll also testified that he understood that PB had not yet extended him an employment offer.