Kodak 2008 Annual Report Download - page 198

72
Regular Severance Payments Table (1)
The table below estimates the incremental amounts payable upon a termination of employment by the Company without cause and for an
“approved reason” as if the Named Executive Officer’s employment was terminated as of December 31, 2008, using the closing price of
our common stock as of December 31, 2008, which was $6.58.
A.M.
Perez
F.S.
Sklarsky
P.J.
Faraci
M.J.
Hellyar
R.L.
Berman
J.T.
Langley(2)
Cash Severance (3) $5,610,000 $1,050,000 $1,295,000 $1,617,000 $476,438 N/A
Intrinsic Value of Stock
Options (4) 000 00N/A
Restricted Stock (5) 322,367 164,500 56,535 122,342 43,869 N/A
Leadership Stock (6) 511,676 162,679 95,472 94,088 71,680 N/A
Benefits/Perquisites (7) 25,997 12,017 12,017 12,017 12,017 N/A
Pension (8) 1,644,234 205,697 863,103 0 0 N/A
Total $8,114,275 $1,594,893 $2,322,127 $1,845,447 $604,004 N/A
(1) The values in this table: 1) reflect incremental payments associated with an involuntary termination without cause with approved
reason; 2) assume a stock price of $6.58 (except where otherwise noted); and 3) include all outstanding grants through the
assumed termination date of December 31, 2008.
(2) Mr. Langley terminated his employment with the Company as of March 14, 2008. Please see page 71 of this Proxy Statement for
a discussion of the payments made to Mr. Langley in connection with his termination.
(3) The cash severance amounts disclosed above were calculated for each Named Executive Officer other than Mr. Berman, by
multiplying the Named Executive's target cash compensation by a multiplier set forth in the Named Executive Officer’s letter
agreement(s). Mr. Perez's cash severance equation is two times his target cash compensation. Mr. Sklarsky's cash severance
equation is one times his target cash compensation. Mr. Faraci's cash severance equation is one times his target cash compensation.
Ms. Hellyar's cash severance equation is two times her target cash compensation. Mr. Berman's severance equation is equal to 39
weeks of his target cash compensation (base salary plus target award under EXCEL) in accordance with the Company’s Termination
Allowance Plan (TAP). At the time of separation of a Named Executive Officer, the Committee may approve severance terms that
vary from those provided in the Named Executive Officer’s pre-existing individual agreement(s), if any, or under TAP, provided that
such terms are consistent with the guidelines that the Committee establishes for executive severance.
(4) All outstanding stock options that would vest in the event of an involuntary termination without cause with approved reason do
not have any intrinsic value as of December 31, 2008 because the exercise price of these stock options is above the closing
market price of our common stock on December 31, 2008.
(5) The amounts in this row report the value of unvested shares of restricted stock that would automatically vest upon a termination
with approved reason.
(6) The values in this row reflect a 73% earnout for the 2007 Leadership Stock performance cycle (including dividend equivalents)
and a 0% earnout for the 2008 Leadership Stock performance cycle.
(7) Mr. Perez would be entitled to $25,997 in benefits/perquisites, which include: 1) four months of continued medical and dental
benefits, valued at $2,997; 2) outplacement benefits, valued at $9,000; and 3) two years of financial counseling benefits, valued
at $7,000 per year. All the other NEOs would each be entitled to $12,017 in benefits/perquisites, which include: 1) four months of
continued medical, dental and life insurance benefits, valued at $3,017; and 2) outplacement benefits, valued at $9,000. The
outplacement benefits provided to Messrs. Faraci and Berman would be provided under TAP while the continued medical, dental
and life insurance benefits would be provided under other employee benefit plans covering U.S. employees.
(8) The amounts included in this row report the incremental value of supplemental retirement benefits to which the Named Executive
Officers would have been entitled. The amounts reported assume that all affected Named Executive Officers would receive their
supplemental retirement benefits in a lump sum.