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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.
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