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Kodak wants bonus pay for executives who aided in restructuring

Rochester Business Journal
July 11, 2012

Eastman Kodak Co. filed a motion in the U.S. Bankruptcy Court seeking authority to pay performance-based incentives to key senior leaders, documents filed with Security and Exchange Commission show.

The company Wednesday requested that it be able to make performance-based payments to individuals tied to the success of the company’s restructuring. The eligible employees, 15 members of the debtors’ leadership team, were selected due to their ability to directly influence the company’s business operations and creditor recovery, the filing said.

The awards in total will not exceed $8.82 million, the filing stated. Amounts would be paid in cash and deferred stock units. The plan would require Kodak emerging from Chapter 11 bankruptcy and paying back creditors for their claims.
 
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

Richard Phelps at 4:49:06 PM on 7/11/2012
Their job was and remains to bring the company out of bankruptcy. No bonus should be paid for them to do their job. That was and is the expectation.
Once the company has recovered, then implement a bonus plan to be approved by the Board, not until.
And don't cry ...  Read More >
Bob Stein at 5:57:19 PM on 7/11/2012
Are you kidding me??? How many different ways can Kodak's top management rape the company? They are the people who got Kodak into this mess and now they want further rewards for getting the company out. If it can be done. I suggest hey give them a reduced base salary to get ...  Read More >
Robert Hutchison at 6:14:33 PM on 7/11/2012
Are you Kidding Me? I completely cannot believe the brazen-ness of even the thought of a bonus! I venture the same "leaders" who are leading the company out of bankruptcy led it into the same! They should have had their pay seriously curtailed, not a bonus.

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