Kodak 2007 Annual Report Download - page 195

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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, 2007, using the closing price of
our common stock as of December 31, 2007, which was $21.87.
A.M.
Perez
F.S.
Sklarsky
P.J.
Faraci
J.T.
Langley
M.J.
Hellyar
Cash Severance (2) $ 5,610,000 $1,050,000 $1,295,000 $ 810,000 $1,587,600
Additional Severance
Payment 0 0 0 0 320,000(8)
Intrinsic Value of Stock
Options (3) 0 0 0 0 0
Restricted Stock (4) 3,520,786 1,093,500 227,164 113,265 445,907
Leadership Stock (5) 1,606,887 510,883 299,825 299,825 299,825
Benefits/Perquisites (6) 26,101 12,114 0 0 12,114
Pension (7) 702,626 100,875 457,682 37,260 0
Total $11,466,400 $2,767,372 $2,279,670 $1,260,349 $2,665,446
(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 $21.87 equal to the closing market price of our common stock on December 31, 2007 (except
where otherwise noted); and 3) include all outstanding grants through the assumed termination date of December 31, 2007.
(2) The cash severance amounts disclosed above were calculated for each Named Executive Officer by multiplying the Named Executive
Officer’s target cash compensation by a multiplier unique for each Named Executive Officer. 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. Mr. Langley's cash severance equation is one times his
target cash compensation consistent with his leaving arrangement approved by the Compensation Committee in 2007 for his
separation from the Company initially planned for December 31, 2007. Ms. Hellyar's cash severance equation is two times her target
cash compensation.
(3) 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, 2007 because the exercise price of these stock options is above the closing market price of our
common stock on December 31, 2007.
(4) The amounts in this row report the value of unvested shares of restricted stock/restricted stock units that would automatically vest upon
a termination with approved reason.
(5) The values in this row reflect the number of shares that our Named Executive Officers received under the 2007 Leadership Stock
performance cycle, based upon a performance percentage of 73%.
(6) Mr. Perez would be entitled to $26,101 in benefits/perquisites, which include: 1) four months of continued medical and dental benefits,
valued at $3,101; 2) outplacement benefits, valued at $9,000; and 3) two years of financial counseling benefits, valued at $7,000 per
year. Mr. Sklarsky and Ms. Hellyar would be entitled to $12,114 in benefits/perquisites, which include: 1) four months of continued
medical, dental and life insurance benefits, valued at $3,114; and 2) outplacement benefits, valued at $9,000.
(7) 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. As a result of Mr. Langley’s termination with the Company on March 14, 2008, the
actual incremental value payable to him is $57,534.
(8) If Ms. Hellyar is terminated on or after June 1, 2007 and before June 1, 2008 as a result of disability or by the Company for any reason
other than cause without offering comparable employment, she will receive a payment of $320,000.