Kodak 2010 Annual Report Download - page 176

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50
Grant Date
Named
Executive
Officers
Receiving
Award
Grant Date
Fair Value of
Award
($)
Risk-Free
Rate
(%)
Expected
Option
Life
(years)
Expected
Volatility
(%)
Expected
Dividend
Yield
(%)
A.M. Perez
0.91
1.82
6
32.17
7.42
P.J. Faraci
0.91
1.82
6
32.17
7.42
J.P. Haag
0.91
1.82
6
32.17
7.42
12/9/2008
F.S. Sklarsky
0.91
1.82
6
32.17
7.42
A.M. Perez
2.10
2.69
6
45.34
0.00
10/14/2009
P.J. Faraci
2.10
2.69
6
45.34
0.00
10/19/2010
P. Jotwani
2.14
1.45
6
57.52
0.00
12/13/2010
A.P. McCorvey
2.79
2.28
6
57.82
0.00
(4) The amounts in this column represent payments under EXCEL for performance in 2008, 2009 and 2010. See the Grants of Plan-
Based Awards in 2010 Table for the potential payouts for each Named Executive Officer, which depend on performance. For a
description of the performance criteria and the 20% of target award payment in 2010, see "2010 EXCEL Design and Performance
Results” on page 42 of this Proxy Statement. Named Executive Officers did not receive any non-equity incentive compensation for
2008 because no EXCEL awards were earned.
(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:
2008
2009
2010
Executive
Change in
Pension
Value
Above-
Market
Interest(a)
Total
Value
Change in
Pension
Value
Above-
Market
Interest(a)
Total
Value
Change in
Pension
Value(b)
Above-
Market
Interest(a)
Total
Value
A.M. Perez
$3,434,567
$3,728
$3,438,295
$2,468,046
$0
$2,468,046
$2,259,538
$0
$2,259,538
A.P. McCorvey
—
—
—
—
—
—
58,007
0
58,007
P.J. Faraci
341,208
—
341,208
692,301
—
692,301
595,728
—
595,728
P. Jotwani
—
—
—
—
—
—
5,321
—
5,321
J.P. Haag
—
—
—
478,878
0
478,878
382,347
0
382,347
Former Executive
F.S. Sklarsky
119,720
—
119,720
191,801
—
191,801
0
—
0
(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 primary actuarial assumption change used to calculate Pension Values was a decrease in the discount rate. There was no
change in the lump sum interest rate from last year-end. Due to the fact that Mr. Perez is now age 65 and his benefits are
payable as a lump sum, the decrease in discount rate has no impact on his value for 2010. Mr. Perez’s Pension Value
decreased from 2009 to 2010 because he reached age 65, at which time there is a decrease in the rate at which he is earning
pension service. The Pension Values for Mr. Faraci and Mmes. McCorvey and Haag were increased by the decrease in
discount rate. However, the 2010 Pension Values for Mr. Faraci and Ms. Haag were still smaller than the 2009 Pension Values
because the decline in discount rates from 2008 to 2009 was much larger than the decline from 2009 to 2010. Mr. Jotwani’s
Pension Value is driven primarily by his KRIP cash balance accrual for his partial year of service since being hired September
28, 2010. The change in Pension Value for Mr. Sklarsky in 2010 is $0 because he departed voluntarily on November 5, 2010
and was not vested in the supplemental retirement benefit under his letter agreement. He therefore forfeited this supplemental
benefit. Further, he received a $45,840 payout in 2010 for his KRIP cash balance. Therefore, he has a lower accumulated
Pension Value than at the end of 2009, with his only remaining pension amount attributable to the $194,357 KURIP payment he
will receive in June 2011.