I said "no", got a new job lined up, and then about 4 months later, they decided not to fire me (they apparently did let go of some people, I was an exception).
I don't recall the exact phrasing, but it was at least hinted that I shouldn't expect a promotion. I never received any of it in writing, it was all phone calls from the start.
I did get a 5% raise a few months later, though.
