The chief executive of Polaroid Corp. denied...

The chief executive of Polaroid Corp. denied that the photography giant’s employee stock ownership plan was a poison pill designed to make the company takeover-proof. Instead, MacAllister Booth said the plan arose from a need to compensate employees and improve morale. He made the remarks in Delaware chancery court, where Polaroid’s hostile suitor, Shamrock Holdings Inc., is seeking to overturn the plan. Burbank-based Shamrock, controlled by the Roy Disney family, is offering $2.4 billion, or $42 a share, for the shares of Polaroid it doesn’t already own.