Kodak 2002 Annual Report Download - page 100

Download and view the complete annual report

Please find page 100 of the 2002 Kodak annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 124

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124

Proxy Statement
95
Under Mr. Brust’s December 20, 1999, offer letter, the Company loaned Mr. Brust, Chief Financial Officer and Executive Vice
President, the sum of $3,000,000 at an annual interest rate of 6.21%, the applicable federal rate for mid-term loans, compounded
annually, in effect for January 2000. The unsecured loan is evidenced by a promissory note dated January 6, 2000. Under Mr. Brust’s
November 12, 2001, amended offer letter, a portion of the principal and all of the accrued interest on the loan is to be forgiven on
each of the first seven anniversaries of the loan. Mr. Brust is not entitled to forgiveness on any anniversary date if he voluntarily
terminates his employment or is terminated for cause on or before the anniversary date. The balance due under the loan on
December 31, 2002, was $2,100,000.
In March 2001, the Company loaned Mr. Carp, Chairman, President and Chief Executive Officer, $1,000,000 for the purchase of
a home. The loan is unsecured and bears interest at 5.07% per year, the applicable federal rate for mid-term loans, compounded
annually, in effect for March 2001. The entire amount of the loan and all accrued interest is due upon the earlier of March 1, 2006,
or the date of Mr. Carp’s termination of employment from the Company. The loan is evidenced by a promissory note dated
March 2, 2001. The balance due under the loan on December 31, 2002, was $1,095,068.
Transactions with Management