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Perez's total compensation in 2013 rose to $7.45 million

Rochester Business Journal
April 15, 2014

Former Eastman Kodak Co. CEO Antonio Perez received total compensation of $7.45 million in 2013, a filing Tuesday with the Securities and Exchange Commission shows.

Perez, who resigned as an officer and director last month, can earn a special bonus of up to $2 million this year depending on the fortunes of Kodak’s Commercial Imaging business. His total compensation was up from $5.47 million in 2012 and $6.98 million in 2011.

In 2013, Perez earned a salary of $1.15 million, roughly flat with 2012. He also received a bonus of $3.31 million and stock awards worth $2.25 million. The change in the value of his pension and deferred compensation earnings totaled $725,402.

Under the terms of his management agreement effective Sept. 3, 2013, Perez is eligible to receive a performance-based payment of up to $2 million. The performance metrics focus on achievements related to key customer and contractual arrangements in the company’s Commercial Imaging businesses by Dec. 31.

Perez, who led Kodak into and out of Chapter 11 bankruptcy, resigned March 12.

Former Kodak president Laura Quatela last year was paid a salary of $463,380, flat with 2012. Her total compensation, however, was $1.86 million, up from $1 million in 2012. That compensation included a $813,750 payout earned as part of a onetime special incentive agreement.

Quatela also served as president of Kodak’s Personalized Imaging business until its sale to the Kodak Pension Plan of the United Kingdom on Sept. 1. The performance criteria under the agreement focused on the successful closing of the asset sale agreement, the transition of key customers to the new owner and related matters.

Chief Financial Officer Rebecca Roof, a managing director of AlixPartners LLP who has served as Kodak’s CFO since September 2012, received a 2013 salary of $2.23 million. Roof is compensated directly by AlixPartners, the proxy filing states. She received $800,726 in salary in 2012.

Brad Kruchten, senior vice president, received a salary of $448,484 in 2013 and total compensation of $1.39 million. His 2012 salary and total compensation were not listed in the proxy statement.

Douglas Edwards, also a senior vice president, received a 2013 salary of $410,606, up from $351,570 in 2012. His total compensation was $1.33 million in 2013, up from $650,290.

Patrick Sheller, general counsel and senior vice president, earned a 2013 salary of $356,022, up from $336,516 in 2012. Sheller’s total compensation was $969,549 in 2013, down from $1.57 million.

Kodak said in the filing it plans to hold its annual shareholders meeting on May 28 at the W New York hotel on Lexington Avenue in New York City. Items up for vote include the election of nine directors, ratification of the Audit and Finance Committee’s selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm and an advisory vote on the compensation of Kodak’s named executive officers.

The filing also states the largest shareholders of Kodak common stock as of March 31.

The following four shareholders have beneficially owned holdings of more than 10 percent:

•    Blackstone Holdings I L.P., 20 percent;
•    BlueMountain Capital Management LLC, 18.7 percent;
•    Contrarian Capital Management LLC, 11.4 percent; and
•    Moses Marx, 11.3 percent.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email

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