Kodak 2007 Annual Report Download - page 176

53
(5) This column reports the aggregate change in the present value of the Named Executive Officer's accumulated benefits under KRIP,
KURIP and supplemental individual retirement arrangements, to the extent a Named Executive Officer participates, and the estimated
above-market interest, if any, earned during the year on deferred compensation balances. The breakdown of these figures is shown in
the table below:
Executive
2006 2007
Pension
Value
Above-Market
Interest (a)
Total
Value
Pension
Value (b)
Above-Market
Interest (a)
Total
Value
A.M. Perez (c) $3,192,022 $22,576 $3,214,598 $491,469 $28,091 $519,560
F.S. Sklarsky 18,303 — 18,303 104,165 — 104,165
P.J. Faraci 319,305 — 319,305 386,094 — 386,094
J.T. Langley 144,232 26,928 171,160 167,844 44,225 212,069
M.J. Hellyar 1,098,877 3,553 1,102,430 0 4,093 4,093
(a) A Named Executive Officer’s deferral account balances are credited with interest at the “prime rate” as reported in the Wall Street
Journal, compounded monthly. Above-market interest is calculated as the difference between the prime rate and 120% of the
Applicable Federal Rate (AFR) for the corresponding month.
(b) The figures shown for the 2007 Pension Value are generally lower than those shown for 2006 because no EXCEL bonus was paid
in 2007 (i.e., no bonus was earned under EXCEL for the 2006 performance period) and changes were made to the actuarial
assumptions used when determining the actuarial present value of pension benefits. Among the changes in actuarial assumptions
is the decision to project compensation for Named Executive Officers using the current target EXCEL bonus rather than the most
recently paid EXCEL bonus. By changing this assumption, the future volatility of the change in the actuarial present value of
accumulated pension benefits will be reduced. As a result of the changes to the assumptions, Ms. Hellyar’s accrual for 2007, in
total, is negative (-$436,001) consisting of an increase in KRIP value of $45,430 offset by a decrease in KURIP value of $481,431.
Ms. Hellyar does not have a supplemental individual retirement arrangement.
(c) In addition to the reasons given in sub-footnote (b) above, the reduction in Mr. Perez’s Pension Value from 2006 to 2007 also
reflects an increase in the 2006 value caused by his letter agreement dated February 27, 2007 changing the distribution form of his
supplemental retirement benefit from an annuity to a lump-sum payment and modifying the age at which his supplemental
retirement vests.
(6) The table below shows the components of the All Other Compensation column:
Name 401(k) Match
Tax
Gross-ups
Financial
Counseling
Security
Services/
Systems
Personal
Aircraft
Usage (a)
Miscellaneous Total
A. M. Perez $ 0 $ 0 $7,000 $24,723 $340,007 $6,135(b) $377,865
F. S. Sklarsky 6,600 17,476 0 11,581 0 1,847(c) 37,504
P. J. Faraci 6,600 0 0 1,267 22,264 1,231(d) 31,362
J. T. Langley 6,600 0 0 609 27,099 20,178(e) 54,486
M. J. Hellyar 0 0 1,195 861 0 597(f) 2,653
(a) The incremental cost to the Company for personal use of Company aircraft is calculated based on the direct operating costs to the
Company, including fuel costs, FBO handling and landing fees, vendor maintenance costs, catering, travel fees and other
miscellaneous direct costs. Fixed costs that do not change based on usage, such as salaries and benefits of crew, training of crew,
utilities, taxes and general maintenance and repairs, are excluded.
Under our executive security program, the Company requires Mr. Perez to use Company aircraft for all travel, whether personal or
business. Mr. Perez’s family members and guests occasionally accompany him on business trips and on trips when he uses the
Company aircraft for personal purposes, at no additional cost to the Company.
Company policy provides that Company aircraft is to be used predominantly for the business of the Company. On rare occasions
with the prior approval of the CEO, employees may fly on Company aircraft for personal purposes. The incremental cost of Mr.
Faraci’s and Mr. Langley’s personal use of Company aircraft is reported in this column. At times, the executive’s spouse
accompanied the executive on some of these trips and on some business trips at no additional cost to the Company.