Kodak 2004 Annual Report Download - page 163
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Reports
54
2 0 0 5 N O T I C E O F A N N U A L M E E T I N G A N D P R O X Y S T A T E M E N T
CommitteeReviewofCEOCompensation
TheCommitteereviewsthecompensationpackagesandallchangesincompensationfortheCEO,theothernamedexecutivesandalltheexecutive
officers.Inaddition,in2004,theCommitteereviewedvariouscomponentsoftheCEO’sandPresident’scompensation,includingsalary,bonus,equity
andlong-termincentivecompensation,pension,lifeinsuranceandtheearningsandaccumulatedpayoutamountsundertheCompany’sunfundednon-
qualifieddeferredcompensationplan,underthefollowingemploymentterminationscenarios:retirement,terminationwithoutcause,deathandchange
incontrol.ChartswerepreparedandreviewedwiththeCommitteethatsetforththedollaramountsundereachofthepayoutscenariosforboththeCEO
andPresident.Basedonthisreview,theCommitteefoundthetotalcompensation(and,inthecaseoftheemploymentterminationscenarios,thepotential
payouts)fortheCEOandPresidentintheaggregatetobereasonableandnotexcessive.
COMPANYPOLICYONQUALIFYINGCOMPENSATION
UnderSection162(m)oftheInternalRevenueCode,theCompanymaynotdeductcertainformsofcompensationinexcessof$1,000,000paidtoanyof
thenamedexecutiveofficersthatareemployedbytheCompanyatyear-end,unlesscertainspecificanddetailedcriteriaaresatisfied.TheCommittee
believesthatitisgenerallyintheCompany’sbestintereststohavecompensationbedeductibleunderSection162(m).TheCommitteealsofeels,however,
thattheremaybecircumstancesinwhichtheCompany’sinterestsarebestservedbymaintainingflexibilityregardlessofwhethercompensationisfully
deductibleunderSection162(m).
TimothyM.Donahue,Chair
MarthaLayneCollins
DebraL.Lee
PaulH.O’Neill
HectordeJ.Ruiz