Kodak 2004 Annual Report Download - page 152
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Please find page 152 of the 2004 Kodak annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Compensation
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E A S T M A N K OD A K C O M PA N Y
Asmorefullydescribedbeginningonpage12,undertheCompany’snew2005OmnibusLong-TermCompensationPlan,uponachangeincontrol,ifout-
standingstockoptionandrestrictedstockawardsareassumedorsubstitutedbythesurvivingcompany,asdeterminedbytheCompensationCommittee,
thentheawardswillnotimmediatelyvestorbeexercisable.Iftheawardsaresoassumedorsubstituted,thentheawardswillbesubjecttoaccelerated
vestingandexercisabilityuponcertainterminationsofemploymentwithinthefirsttwoyearsafterthechangeincontrol.Onlyiftheawardsarenotso
assumedorsubstitutedwilltheybecomeimmediatelyvested,exercisableandcashed-out.Forperformanceawards,ifmorethan50%oftheperformance
cyclehaselapsedwhenachangeincontroloccurs,theawardwillvestandbepaidoutatthegreateroftargetperformanceorperformancetodate.If
50%orlessoftheperformancecyclehaselapsedwhenachangeincontroloccurs,theawardwillvestandbepaidoutat50%oftargetperformance,
regardlessofactualperformancetodate.
DEFERREDCOMPENSATION
TheCompanymaintainsadeferredcompensationplanforitsexecutives,i.e.,theEastmanKodakCompany1982ExecutiveDeferredCompensationPlan.
TheplanpermitstheCompany’sexecutivestodefersomeoralloftheirbasesalaryandshort-termvariablepayawards.Eachfall,theCompany’sexecu-
tivesmayelecttodefertheirbasesalaryforthefollowingyearandanyshort-termvariablepayawardearnedforthatyear,whichispayableinthefollow-
ingyear.Theplanhasonlytwoinvestmentoptions,aninterest-bearingaccountthatpaysinterestattheprimerateandaKodakphantomstockaccount.
OnlytheCompany’sexecutiveofficersarepermittedtodeferintothephantomstockaccount.TheCompanydoesnotprovideitsexecutiveofficersany
incentivestoencouragethemtoparticipateinthephantomstockaccount.Theplan’sbenefitsareneitherfundednorsecured.AsofDecember31,2004,
288executiveshaveaccountbalancesundertheplan,includingtwoofthenamedexecutiveofficers.