Kodak 2005 Annual Report Download - page 166
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10
The 2003 and 2004 restatements referenced in the shareholder proposal were largely the result of tax accounting errors. These restatements had no
effect on the performance targets that were the basis of senior executive bonuses paid during these periods. (The proponent’s reference to net income
for 2003 being reduced by $253 million is inaccurate. The restatement reduced 2003 net income by $12 million.)
The proposal addresses all restatement situations, even restatements that were not caused by fraud or misconduct. In addition, it would apply
to all senior executives, including those who have no role in causing a restatement. Because the proposal could put a substantial portion of
performance-based compensation at risk due to events over which an executive had no control and would prevent the Board from considering all
relevant facts and circumstances, we believe that attempted implementation of the proposal would be inequitable, thereby negatively affecting
employee morale and inhibiting the Company’s ability to attract, retain and motivate executive talent.
For the reasons described above, the Board of Directors recommends a vote AGAINST this proposal.