Kodak 2011 Annual Report Download - page 111

awards granted under the Company’s stock incentive plans are generally subject to a three-year vesting period from the date of grant.
Under the 2005 Plan, 11 million shares of the Company's common stock may be granted to employees between January 1, 2005 and December 31,
2014. This share reserve may be increased by shares that are forfeited pursuant to awards made under the 1995, 2000, and 2005 Plans; shares retained
for payment of tax withholding; shares delivered for payment or satisfaction of tax withholding; shares reacquired on the open market using cash
proceeds from option exercises; and awards that otherwise do not result in the issuance of shares. The 2005 Plan is substantially similar to and is
intended to replace the 2000 Plan, which expired on January 18, 2005. Options granted under the 2005 Plan generally expire seven years from the date
of grant, but may be forfeited or canceled earlier if the optionee's employment terminates prior to the end of the contractual term. The 2005 Plan
provides for, but is not limited to, grants of unvested stock, performance awards, and Stock Appreciation Rights (“SARs”), either in tandem with
options or freestanding. SARs allow optionees to receive payment equal to the increase in the market price of the Company's stock from the grant date
to the exercise date. As of December 31, 2011, 10,000 freestanding SARs were outstanding under the 2005 Plan at an option price of
$7.50. Compensation expense recognized for the years ended December 31, 2011, 2010, and 2009 on those freestanding SARs was not material.
Under the 2000 Plan, 22 million shares of the Company's common stock were eligible for grant to a variety of employees between January 1, 2000 and
December 31, 2004. The 2000 Plan was substantially similar to, and was intended to replace, the 1995 Plan, which expired on December 31,
1999. The options generally expire ten years from the date of grant, but may expire sooner if the optionee's employment terminates. The 2000 Plan
provided for, but was not limited to, grants of unvested stock, performance awards, and SARs, either in tandem with options or freestanding. As of
December 31, 2011, 4,500 freestanding SARs were outstanding under the 2000 Plan at option prices ranging from $23.25 to $27.55. Compensation
expense recognized for the years ended December 31, 2011, 2010, and 2009 on those freestanding SARs was not material.
Under the 1995 Plan, 22 million shares of the Company’s common stock were eligible for grant to a variety of employees between February 1, 1995
and December 31, 1999. The options generally expire ten years from the date of grant, but may expire sooner if the optionee’s employment
terminates. The 1995 Plan provided for, but was not limited to, grants of unvested stock, performance awards, and SARs, either in tandem with options
or freestanding. As of December 31, 2011, no freestanding SARs were outstanding under the 1995 Plan.
Further information relating to stock options is as follows:
Weighted-
Average
Range of
Exercise
(Amounts in thousands, except per share amounts)
Shares Under
Option
Price Per
Share
Price Per
Share
Outstanding on December 31, 2008
25,207
$
7.41
-
$79.63
$
31.71
Granted
1,229
$
2.64
-
$6.76
$
4.61
Exercised
0
N/A
N/A
Terminated, Expired, Surrendered
2,916
$
7.41
-
$79.63
$
45.73
Outstanding on December 31, 2009
23,520
$
2.64
-
$65.91
$
28.55
Granted
300
$
3.96
-
$5.96
$
4.17
Exercised
0
N/A
N/A
Terminated, Expired, Surrendered
5,790
$
7.41
-
$65.91
$
37.68
Outstanding on December 31, 2010
18,030
$
2.64
-
$48.34
$
25.22
Granted
2,179
$
2.82
-
$5.22
$
3.41
Exercised
0
N/A
N/A
Terminated, Expired, Surrendered
6,599
$
3.40
-
$65.91
$
31.07
Outstanding on December 31, 2011
13,610
$
2.64
-
$38.04
$
18.89
Exercisable on December 31, 2009
20,018
$
7.41
-
$65.91
$
31.96
Exercisable on December 31, 2010
16,036
$
2.64
-
$48.34
$
27.64
Exercisable on December 31, 2011
10,568
$
2.64
-
$38.04
$
23.25
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