# EDGAR Filing Document

**Accession Number:** 0000915389
**File Stem:** 0000915389-26-000130
**Filing Date:** 2026-6
**Character Count:** 87263
**Document Hash:** 7f3f37955e21d4dba3e5848bd1d6a3e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000915389-26-000130.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0000915389-26-000130

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EASTMAN CHEMICAL CO
- **CENTRAL INDEX KEY:** 0000915389
- **STANDARD INDUSTRIAL CLASSIFICATION:** PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 621539359
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12626
- **FILM NUMBER:** 261120633

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 511
- **STREET 2:** 200 SOUTH WILCOX DRIVE
- **CITY:** KINGSPORT
- **STATE:** TN
- **ZIP:** 37660
- **BUSINESS PHONE:** 4232292000

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 511 B-54D
- **CITY:** KINGSPORT
- **STATE:** TN
- **ZIP:** 37662

?xml version='1.0' encoding='ASCII'? emn-20260625

![Eastman_Black_300dpi.jpg](emn-20260625_g1.jpg)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D. C. 20549**

**FORM 11-K**

---

| | |
|:---|:---|
| (Mark<br>One) |  |
| [X] | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | **For the fiscal year ended December 31, 2025** |
|  | OR |
| [ ] | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | For the transition period from _____________ to ______________ |

---

---

| |
|:---|
| Commission file number 1-12626 |
| A. Full Title of the plan and the address of the plan, if different from that of the issuer named below: |
| **EASTMAN INVESTMENT AND EMPLOYEE STOCK OWNERSHIP PLAN** |
| B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
| **EASTMAN CHEMICAL COMPANY** |
| **200 S. Wilcox Drive** |
| **Kingsport, Tennessee 37662** |

---

------

**Eastman Investment and Employee Stock Ownership Plan**

**Table of Contents**

---

| | |
|:---|:---|
| Report of Independent Registered Public Accounting Firm | <u>[1](#ia820041ceb354d91b18c6a160e665927_7)</u> |
| Basic Financial Statements: |  |
| Statements of Net Assets Available for Benefits at December 31, 2025 and 2024 | <u>[2](#ia820041ceb354d91b18c6a160e665927_16)</u> |
| Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2025 | <u>[3](#ia820041ceb354d91b18c6a160e665927_19)</u> |
| Notes to Financial Statements | <u>[4](#ia820041ceb354d91b18c6a160e665927_22)</u> |
| Additional Information (Note A): |  |
| Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2025 | <u>[16](#ia820041ceb354d91b18c6a160e665927_28)</u> |
| Signatures | <u>[25](#ia820041ceb354d91b18c6a160e665927_31)</u> |
| Exhibits | <u>[26](#ia820041ceb354d91b18c6a160e665927_34)</u> |

---

Note A: Other supplemental schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Participants, Investment Plan Committee, and Plan Administrator of the

Eastman Investment and Employee Stock Ownership Plan

Kingsport, Tennessee

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of the Eastman Investment and Employee Stock Ownership Plan (the "Plan") as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Information**

The supplemental Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Eastman Investment and Employee Stock Ownership Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the information presented in the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Crowe LLP

We have served as the Plan's auditor since 2025

New York, New York

June 25, 2026

------

**Eastman Investment and Employee Stock Ownership Plan**

**Statements of Net Assets Available for Benefits**

**December 31, 2025 and 2024**

**(in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **2025** | | | **2024** | |
| |<br>**Participant**<br>**Directed** | **Non-**<br>**participant**<br>**Directed** |<br>**Total** |<br>**Participant**<br>**Directed** | **Non-**<br>**participant**<br>**Directed** |<br>**Total** |
| **Assets** |  |  |  |  |  |  |
| Investments at fair value | $3042794 | $116774 | $3159568 | $2783486 | $171827 | $2955313 |
| Investments at contract value | 365774 |  | 365774 | 479647 |  | 479647 |
| &nbsp;&nbsp;&nbsp;Total investments | 3408568 | 116774 | 3525342 | 3263133 | 171827 | 3434960 |
| Receivables |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan sponsor contributions | 40616 | 16413 | 57029 | 40331 | 15463 | 55794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 50066 |  | 50066 | 49845 |  | 49845 |
| &nbsp;&nbsp;&nbsp;Other receivables | 3204 | 1534 | 4738 | 2229 | 1557 | 3786 |
| &nbsp;&nbsp;&nbsp;Total assets | 3502454 | 134721 | 3637175 | 3355538 | 188847 | 3544385 |
| **Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 781 | 1571 | 2352 | 812 | 1570 | 2382 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 781 | 1571 | 2352 | 812 | 1570 | 2382 |
| Net assets available for benefits | $3501673 | $133150 | $3634823 | $3354726 | $187277 | $3542003 |

---

The accompanying notes are an integral part of these financial statements.

------

**Eastman Investment and Employee Stock Ownership Plan**

**Statement of Changes in Net Assets Available for Benefits**

**For the Year Ended December 31, 2025**

**(in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | | **2025** | |
| |<br>**Participant**<br>**Directed** | **Non-**<br>**participant**<br>**Directed** |<br>**Total** |
| **Additions to net assets** |  |  |  |
| Investment income |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $10155 | $— | $10155 |
| &nbsp;&nbsp;&nbsp;Dividends | 5180 | 6327 | 11507 |
| &nbsp;&nbsp;&nbsp;Net appreciation (depreciation) in fair value of investments | 419020 | (54236) | 364784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment gain (loss) | 434355 | (47909) | 386446 |
| &nbsp;&nbsp;Interest income from notes receivable | 4150 |  | 4150 |
| &nbsp;&nbsp;Participant contributions | 126655 |  | 126655 |
| &nbsp;&nbsp;Plan sponsor contributions | 66046 | 16407 | 82453 |
| &nbsp;&nbsp;&nbsp;Total additions | 631206 | (31502) | 599704 |
| **Deductions from net assets** |  |  |  |
| &nbsp;&nbsp;Distributions to and withdrawals by participants | 491532 | 14572 | 506104 |
| &nbsp;&nbsp;Administrative expenses | 780 |  | 780 |
| &nbsp;&nbsp;&nbsp;Total deductions | 492312 | 14572 | 506884 |
| Net increase (decrease) in net assets | 138894 | (46074) | 92820 |
| &nbsp;&nbsp;&nbsp;Transfers from non-participant directed | 8053 | (8053) |  |
| &nbsp;&nbsp;Net assets available for benefits at beginning of year | 3354726 | 187277 | 3542003 |
| &nbsp;&nbsp;Net assets available for benefits at end of year | $3501673 | $133150 | $3634823 |

---

The accompanying notes are an integral part of these financial statements.

------

**Eastman Investment and Employee Stock Ownership Plan**

**Notes to Financial Statements**

**1. DESCRIPTION OF PLAN**

The Eastman Investment and Employee Stock Ownership Plan (the "Plan") is a defined contribution plan of a controlled group of corporations consisting of Eastman Chemical Company and certain of its wholly-owned subsidiaries operating in the United States ("Eastman", the "Company" or the "Plan Sponsor"). The Plan is organized pursuant to Sections 401(a), 401(k), and 4975(e)(7) of the Internal Revenue Code ("IRC"). All United States employees of Eastman, with the exception of certain limited-service and special program employees, and employees covered by a collective bargaining agreement with the Company, unless the collective bargaining agreement or the Plan specifically provides for participation, are eligible to participate in the Plan on their first day of employment with Eastman. The Plan was adopted by Eastman, the Plan Sponsor, on January 1, 1994, and is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). The Plan is administered by the Investment Plan Committee ("IPCO"), which is the Plan Administrator and is comprised of Eastman employees. The Plan has trusts that are administered by the Fidelity Management Trust Company (the "Trustee"). The trusts include the Eastman Chemical Trust and the Eastman Stock Ownership Plan ("ESOP") Trust.

Funds in the Plan's forfeiture account can be applied to reduce future contributions by the Company as well as cover the Plan's administrative expenses. The balance of the forfeiture account was $8 thousand and $275 thousand as of December 31, 2025, and 2024, respectively. During 2025, forfeitures of approximately $291 thousand were applied to reduce Company contributions, including amounts applied toward the 2024 Retirement Savings Contribution and other employer payroll contributions.

On or after January 1, 2007, each eligible employee hired by the Company will be automatically enrolled as a participant in the Eastman Investment Plan ("EIP") portion of the Plan. The Company makes an annual Retirement Savings Contribution ("RSC") equal to 5% of a participant's eligible Company Compensation. Participants will be deemed to have elected to defer 7% of their qualifying compensation each pay period to the EIP portion of the Plan unless they affirmatively decline, or they elect to contribute a percentage other than 7%. Each participant will also be eligible to receive a matching contribution from the Company equal to 50% of the first 7% of their pay that they contribute to the Plan each pay period. Plan participants with a collective bargaining agreement will be eligible to receive a matching contribution from the Company equal to 100% of the first 7% of their pay that they contribute to the Plan each pay period. Effective January 1, 2025, participants may elect to enroll in an automatic annual increase program with an increase to their deferral rates each year until the participant's deferral reaches 15%. Prior to January 1, 2025, the automatic annual increase program increased eligible participants' deferral rates annually until the participant's deferral reached 10%. Their contributions will be invested in a Vanguard Target Date Fund that has a target retirement date closest to the year in which the participant reaches age 65 until changed by the participant.

For additional information regarding the Plan, see the complete Plan documents.

------

**Eastman Investment and Employee Stock Ownership Plan**

**Notes to Financial Statements**

**Contributions and Vesting**

Contributions to the Plan are made through two separate provisions: (1) deferral of qualifying compensation and (2) contributions by the Plan Sponsor of cash or its common stock to the participants' accounts as determined by the Compensation and Management Development Committee of the Board of Directors of Eastman.

Participant contributions represent qualifying compensation and other qualifying employee bonuses withheld from participating employees by Eastman and contributed to the Plan. Contributions are invested in the Plan's funds as directed by the participants, with the exception of the ESOP Fund, subject to ERISA funding limitations. The Plan has accrued Company contributions for participant-directed funds of $40.6 million and for the non-participant-directed ESOP Fund of $16.4 million at December 31, 2025.

The Plan includes a salary deferral provision allowing eligible employees to defer up to 40% of their qualifying compensation, as defined in the Plan, up to the statutory limit of $23,500 for 2025 and $23,000 for 2024, as permitted by the IRC. For the catch-up salary deferral, an eligible employee who attained the age of 50 before the close of the calendar year was allowed to defer up to an additional $7,500 in 2025 and 2024 of their qualifying compensation, as defined in the Plan, subject to certain IRC limitations. Plan Sponsor contributions are also subject to certain other limitations. Participants' salary deferrals are contributed to the Plan by Eastman on behalf of the participants. The Plan's Trustee invests amounts contributed to the Plan, as designated by the participant, in one or more of the following: common stock of Eastman, various mutual funds, or interest in a guaranteed investment contract fund (see Note 4, "Investments", and Note 5, "Synthetic Investment Contracts"). Participants may transfer amounts among the funds on any business day. Additionally, participants may diversify amounts from their ESOP Fund account within the Plan (see Note 8, "Diversification from ESOP Fund"). Each participant is at all times 100% vested in their account, with the exception of amounts transferred from other plans, which may continue to be subject to the former plans' vesting requirements, as applicable.

The Plan requires that the RSC be contributed either to the employee's ESOP Fund accounts for the employee's first five RSC contributions or into other Plan funds, as directed by the participant, for participants with more than five RSC contributions. For participants with more than five RSC contributions, the RSC is allocated to participant-directed funds in accordance with each participant's investment elections at such time as the RSC is made.

Plan Sponsor contributions may be paid at any time during the plan year and subsequent to such plan year through the due date for filing the Company's federal income tax return, including any extensions. Contributions may be paid to the ESOP Trust. No contributions in the 2025 plan year were made in shares of Eastman common stock. Allocations to the participants' accounts from the Company contribution account will be made each plan year to participants who are eligible employees on the date designated by the Company. Participants are not permitted to make contributions to the ESOP Trust.

Employees may elect to transfer, into any of the Plan's fund options, balances received from (1) lump sum payouts from defined benefit plans maintained by Eastman Chemical Company, including the Eastman Retirement Assistance Plan, (2) a former employer's 401(a) and 401(k) plan, or (3) an employee's individual retirement account containing amounts received from a qualified defined contribution plan under Section 401(a) and 401(k) of the IRC. All rollover contributions into the Plan must meet the applicable IRC requirements. Employees' rollover contributions, including Roth rollover contributions, were approximately $11.0 million in 2025.

------

**Eastman Investment and Employee Stock Ownership Plan**

**Notes to Financial Statements**

**Notes Receivable from Participants**

The Plan Trustee makes loans to participants in accordance with Plan provisions. The loans are reflected as notes receivable from participants. Notes receivable from participants are accounted for as a transfer from the fund directed by the participant to the Notes Receivable from Participants Fund. The principal portion of participant repayments reduces the Notes Receivable from Participants Fund receivable. The principal and interest repaid are directed to funds to which the participant's current contributions are directed; the principal is accounted for as a transfer and the interest accounted for as income in the fund to which the participant's current contributions are directed. The Notes Receivable from Participants Fund's net assets and other changes in net assets are included in the participant-directed funds in the Statements of Net Assets Available for Benefits and Statements of Changes in Net Assets Available for Benefits, respectively.

The IPCO may grant a note receivable (loan) of at least $1,000 to a participant provided that the aggregate of the participant's notes receivable does not exceed the lesser of (1) $50,000 reduced by the excess, if any, of (a) the participant's highest notes receivable balance from the preceding 12 months over (b) the outstanding total notes receivable balance from the Plan on the date on which the notes receivable was made, or (2) 50% of the non-forfeitable portion of the participant's account. Additional limitations on the availability of loans may apply to individuals who are categorized as "insiders" for purposes of federal securities laws. In accordance with the Plan provisions, the rate of interest on new participant notes receivable approximates current market rates. The term of any notes receivable from participants is determined by IPCO and will not exceed five years. Notes receivable from participants transferred to the Plan from acquisitions carry terms applicable under that plan and may have terms that exceed five years. Notes receivable from participants are valued at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Interest income earned on notes receivable from participants is credited directly to the participants' accounts and was approximately $4.2 million in 2025. Related fees are recorded as administrative expenses and are expensed when they are incurred. If a participant ceases to make loan repayments and the Plan Administrator deems the participant loan to be in default, the participant loan is reduced, and a benefit payment is recorded. At December 31, 2025, $50.1 million in notes receivable from participants were outstanding with interest rates ranging from 4.25% to 9.50% and various maturity dates through January 2031. At December 31, 2024, $49.8 million in notes receivable from participants were outstanding with interest rates ranging from 4.25% to 9.50% and various maturity dates through January 2030.

**Distributions**

Distributions from the Plan require the approval of IPCO or its designee and are made under the following circumstances:

• Upon attaining age 59½, a participant may elect to receive a lump sum cash distribution of their total or partial account value while still actively employed.

• Upon separation of service from Eastman for any reason other than death, the full value of a participant's account is distributed in a lump sum payment for participants whose account value is less than or equal to $1,000. Separated participants with accounts in excess of $1,000 may elect either (1) to defer distribution until a later date, but in no event later than April 1 of the calendar year following the year a participant attains age 73 or (2) to receive an immediate lump-sum distribution of the participant's account or, at the election of the participant, distributions in monthly or annual installments. Participants with balances in the Eastman Stock Fund or the ESOP Fund may elect a lump sum distribution in Eastman common stock.

------

**Eastman Investment and Employee Stock Ownership Plan**

**Notes to Financial Statements**

• In the event of death, the value of a participant's account is paid in a lump sum if the account value is less than or equal to $1,000. If the beneficiary is a surviving spouse and the participant account value exceeds $1,000, payment will be made in either a lump-sum amount or, at the election of the surviving spouse, in monthly or annual installments.

• Required minimum distributions must commence no later than April 1 of the calendar year following the year a participant attains age 73, unless the participant is still actively employed with the Company. This is in accordance with the required minimum distribution rules under Section 401(a)(9) of the IRC. The Plan requires participants to receive minimum distributions as prescribed by these rules to comply with federal tax regulations.

• Approval of hardship withdrawals will only be granted in order to meet obligations relating to the payment of substantial out-of-pocket medical expenses, the purchase of a primary residence, the payment of tuition or other post-secondary educational expenses, or payments to prevent eviction or foreclosure. They are also granted for payment of funeral or burial expenses for a deceased parent, spouse, beneficiary or dependent of the participant, or payment of expenses for repair of damage to the participant's principal residence that would qualify as casualty losses under the IRC. Hardship withdrawals must be at least $500 and are limited to the amount necessary to satisfy the participant's hardship need, including any applicable taxes or penalties arising from the distribution, but may not exceed the portion of the participant's EIP Account attributable to pre-tax contributions.

• The Trustee is authorized to honor qualified domestic relations orders issued and served in accordance with Section 414(p) of the IRC.

Effective January 1, 2025, the Plan permits certain additional distributions in accordance with applicable provisions of the Internal Revenue Code and Plan terms, including distributions for qualified birth or adoption expenses, domestic abuse victim distributions, and certain qualified disaster recovery distributions. Such distributions are subject to the specific eligibility, timing, certification, repayment, and administrative requirements applicable under the Plan and governing law.

**Investment of ESOP Fund**

ESOP Fund assets are invested primarily in Eastman common stock. Additionally, at the discretion of IPCO, assets may also be invested in various other securities or maintain positions in cash.

Investment assets can be acquired by the ESOP Fund in three ways:

• The Company may make a direct contribution of cash to the ESOP Fund, which would then be used to purchase Eastman common stock or other securities.

• The Company may contribute shares of Eastman common stock directly to the ESOP Fund.

• The Company may direct the Trustee to obtain a loan to purchase securities (i.e., leveraged ESOP). Until the loan is repaid, securities acquired with the respective loan proceeds are not available to be allocated to participants' accounts and are maintained in a "Loan Suspense Account". On the last day of each plan year, a proportionate share of securities relating to loan amounts that have been repaid will be transferred out of the Loan Suspense Account and allocated to the accounts of ESOP Fund participants. The ESOP Fund currently is not a leveraged ESOP.

------

**Eastman Investment and Employee Stock Ownership Plan**

**Notes to Financial Statements**

**Dividends Attributable to the ESOP Fund**

IPCO may direct that Eastman common stock dividends attributable to the non-participant directed ESOP Fund be (a) allocated to the accounts of participants, (b) paid in cash to the participants on a non-discriminatory basis, or (c) paid by the Company directly to participants. Alternatively, dividends received from Eastman common stock maintained in the Loan Suspense Account may be applied to reduce the related loan balance.

Dividends paid in cash from the ESOP Fund are generally taxable to participants in the year received. To be eligible to request a hardship withdrawal from the Plan, participants must elect to receive ESOP dividends in cash. This election must comply with Plan terms and applicable IRS regulations.

**Allocations to Participants' ESOP Fund Accounts**

Separate participant accounts are established to reflect each participant's interest in the ESOP Fund and are maintained under the unit value method of accounting. The ESOP Fund account maintained for each participant consists of:

• Plan Sponsor contributions made or invested in shares of Eastman common stock.

• Shares of Eastman common stock in the ESOP Fund include those purchased with assets from the spin-off from Eastman Kodak Company as well as those acquired through the release of funds from a loan in the Loan Suspense Account.

• An allocable share of short-term interest and money market funds held in the ESOP Fund for the purpose of paying expenses and for similar purposes.

• After-tax contributions transferred to the ESOP Fund pursuant to the spin-off from Eastman Kodak Company (such after-tax contributions are no longer permitted under the ESOP provisions).

The number of units allocated to a participant's account in any year is based on the ratio of the participant's compensation to the total compensation of all eligible employees entitled to share in the allocation for that plan year. In any year in which a Company contribution is made, a participant's allocation will not be less than one share of stock.

Federal law limits the total annual contributions that may be made on a participant's behalf to all defined contribution and defined benefit plans offered by the Company. Participants will be notified if their total annual contribution is limited by this legal maximum.

------

**Eastman Investment and Employee Stock Ownership Plan**

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**2.SUMMARY OF ACCOUNTING POLICIES**

The following accounting policies, which conform to accounting principles generally accepted in the United States of America ("U.S. GAAP"), have been used consistently in the preparation of the Plan's financial statements.

**Basis of Accounting**

The Plan's financial statements are prepared on the accrual basis of accounting.

**Use of Estimates**

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

**Investment Policy and Valuation**

The Plan's investments are stated at fair value except for its fully benefit-responsive investment contract, which is valued at contract value (see Note 5, "Synthetic Investment Contracts"). If available, quoted market prices are used to value investments. IPCO determines the Plan's valuation policies utilizing information provided by Fidelity Investments and the Director of Global Treasury Operations and Investments (see Note 6, "Fair Value Measurement", for discussion of fair value measurements).

For investments in the ESOP Fund and the Eastman Stock Fund, the Trustee may keep any portion of participant and Plan Sponsor contributions temporarily in cash or liquid investments as it may deem advisable. All dividends, interest or gains derived from investment in each fund are reinvested in the respective fund by the Trustee.

Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is recorded at the ex-dividend date.

The Plan presents in the Statements of Changes in Net Assets Available for Benefits the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments.

**Payments to Participants**

Benefit payments to participants are recorded when paid.

&nbsp;&nbsp;&nbsp;&nbsp;**3.RISKS AND UNCERTAINTIES**

The Plan includes investments in common stock, mutual funds, collective investment trusts, and bonds, which are generally exposed to various risks, such as significant global events, interest rate fluctuations, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the financial statements. Included in investments at December 31, 2025, and 2024 are shares of the Plan Sponsor's common stock amounting to approximately $217 million and $266 million, respectively. This investment represents 6.1% and 7.7% of total investments at December 31, 2025 and 2024, respectively. A significant decline in the market value of the Plan Sponsor's stock would significantly affect the net assets available for benefits.

------

**Eastman Investment and Employee Stock Ownership Plan**

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**4.INVESTMENTS**

At December 31, 2025 and 2024, the Plan's assets were invested in common stock, mutual funds, collective investment trusts, and a Managed Income Fund, which includes synthetic investment contracts (see Note 5, "Synthetic Investment Contracts"), as well as bonds. Subject to certain limitations, participants are provided the option of directing their contributions among the investment options. The Plan also holds an interest in the non-participant directed Eastman ESOP Fund, which invests in Eastman Chemical Company common stock and short-term interest funds. The following table presents the Plan's investments by type at December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
| (in thousands) | **2025** | **2024** |
| Cash and Cash Equivalents | $4563 | $5617 |
| Common stock - Eastman Chemical Company | 216548 | 265688 |
| Common stock - other | 124441 | 121904 |
| Mutual funds | 178543 | 169871 |
| Collective investment trusts | 2445950 | 2213427 |
| Managed Income Fund | 365774 | 479647 |
| Self-directed brokerage account | 189523 | 178806 |
| Total | $3525342 | $3434960 |

---

The following investment options, which invest primarily in common stock of the Plan Sponsor, were available to participants in 2025:

*Eastman Stock Fund*

This participant-directed fund is primarily comprised of Eastman common stock. Purchases and sales of Eastman common stock are generally conducted on the open market, as selected by Plan participants. During 2025, the Trustee purchased 987,100 shares of Eastman common stock for the fund at an average price of $70.41 per share and sold 452,534 shares of Eastman common stock for the fund at an average price of $75.50 per share. Dividends paid from the Eastman Stock Fund totaled $4.7 million in 2025.

*Eastman ESOP Fund*

This non-participant directed fund primarily consists of Eastman common stock. Purchases and sales of Eastman common stock are generally conducted on the open market, on behalf of its participants and as directed by the Plan's guidelines. During 2025, the Trustee purchased 218,100 shares of Eastman common stock for the fund at an average price of $92.51 per share and sold 269,513 shares of Eastman common stock for the fund at an average price of $76.38 per share. Participants can elect to have the dividends paid in cash or reinvested back into the Eastman ESOP Fund. Dividends paid from the Eastman ESOP Fund totaled $6.3 million in 2025.

------

**Eastman Investment and Employee Stock Ownership Plan**

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**5.SYNTHETIC INVESTMENT CONTRACTS**

The Plan invests in the Managed Income Fund (the "Fund"), which invests in synthetic investment contracts, totaling $366 million and $480 million at December 31, 2025 and 2024, respectively. These contracts, also referred to as wrap contracts, are entered into with independent financial institutions and are designed to allow the Fund to maintain a stable net asset value ("NAV") and to pay participant-initiated transactions at contract value. Because the contracts are fully benefit-responsive, they are reported at contract value. Contract value is based on the fair value of the underlying assets and adjusted through a crediting rate formula that amortizes market value gains and losses over time. Crediting rates are reset quarterly and may not be less than zero percent.

The wrap contracts limit the Fund's ability to transact at contract value upon the occurrence of certain events, including the Plan's failure to maintain qualification under Section 401(a) or 401(k) of the Internal Revenue Code, the establishment of a competing defined contribution plan, substantive plan amendments or administrative changes not consented to by the wrap issuer, complete or partial termination of the Plan, changes in law or regulation that could materially adversely affect Fund cash flows, mergers, consolidations, transfers of assets, or other corporate transactions involving the Plan or Plan Sponsor, communications intended to induce participants to withdraw from the Fund, exclusion of previously eligible employees, early retirement or other significant workforce reduction programs, or transfers to a competing investment option. The Plan believes the occurrence of each of these events is not probable.

The wrap contracts may be terminated by the issuers and settled at an amount different from contract value upon certain contract-specified events, including misrepresentation, material breach, prohibited transactions, tax qualification failure, unauthorized asset transfers or investment guideline violations, plan termination or merger, changes in law, and other events that could materially adversely affect the issuer's interests. The Plan believes the occurrence of each of these events is not probable.

&nbsp;&nbsp;&nbsp;&nbsp;**6.FAIR VALUE MEASUREMENT**

Following is a description of the valuation methodologies used for assets measured at fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Common stock: Valued at the closing price reported on the active market on which the individual securities are publicly traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collective investment trusts: The Plan's collective trust investments are held in separate investment accounts, which are valued using the readily determinable fair value ("RDFV"). The RDFV is based on the value of the underlying assets owned by the fund, which include a mix of U.S. and international equities, fixed income investments, target date funds, and short-term investments. The collective trust investments held by the Plan publish their RDFV daily and transact at that price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Self-directed brokerage account: Unit valuation based on the published underlying NAV of the mutual funds. These mutual funds are deemed to be actively traded.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies

------

**Eastman Investment and Employee Stock Ownership Plan**

**Notes to Financial Statements**

or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

U.S. GAAP provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under U.S. GAAP are described below:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 - Unobservable inputs based on the Plan's assumptions used to measure assets and liabilities at fair value.

A financial instrument's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table set forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
| (in thousands) | **December 31, 2025** | **December 31, 2024** |
| **Description** | **Quoted Prices in <br>Active Markets for Identical Assets <br>(Level 1)** | **Quoted Prices in <br>Active Markets for Identical Assets <br>(Level 1)** |
| Cash and Cash Equivalents | $4563 | $5617 |
| Common stock - Eastman Chemical Company | 216548 | 265688 |
| Common stock - other | 124441 | 121904 |
| Mutual funds | 178543 | 169871 |
| Collective investment trusts | 2445950 | 2213427 |
| Self-directed brokerage account | 189523 | 178806 |
| Total | $3159568 | $2955313 |

---

There are no redemption restrictions on the mutual fund investments or collective investment trusts. They are fully liquid and can be redeemed on a daily basis. There are no Level 2 or Level 3 investments at December 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;**7.OTHER RECEIVABLES AND OTHER LIABILITIES** 

Other receivables in the amount of $4.7 million and $3.8 million at December 31, 2025 and 2024, respectively, represent interest and dividends receivable, as well as receivables from the sale of investments. Other liabilities in the amount of $2.4 million at both December 31, 2025 and 2024 represent liabilities from the purchase of investments.

------

**Eastman Investment and Employee Stock Ownership Plan**

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**8.DIVERSIFICATION FROM ESOP FUND**

A participant may direct that all or any portion of their ESOP Fund account be transferred to other funds in the Plan without restrictions. In 2025, $8.1 million was transferred from the ESOP Fund within the Plan in connection with this program.

&nbsp;&nbsp;&nbsp;&nbsp;**9.PLAN TERMINATION**

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of termination, participant accounts will be distributed, and all participants will become 100% vested in their account balances in accordance with ERISA requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**10.FEDERAL INCOME TAX STATUS**

The Internal Revenue Service ("IRS") has determined and informed the Plan Sponsor by a letter dated May 11, 2015, that the Plan and related trust are designed in accordance with applicable sections of the IRC. Although the Plan has been amended since receiving the determination letter, the Plan administrator believes that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the IRC and, therefore, believes the Plan is qualified, and the related trust is tax-exempt. No provision for income taxes has been included in the Plan's financial statements.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2025 and 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan is subject to IRS audit for the current year and the preceding three plan years.

&nbsp;&nbsp;&nbsp;&nbsp;**11.PLAN EXPENSES**

Reasonable expenses of administering the Plan, unless paid by the Company, are paid by the Plan. For both 2025 and 2024, trustee fees associated with the Eastman Stock Fund and the Eastman ESOP Fund were paid with assets of those individual funds. Brokerage fees, transfer taxes, investment fees and other expenses incidental to the purchase and sale of securities and investments are included in the cost of such securities or investments or deducted from the sales proceeds. Administration fees for notes receivable from participants are deducted quarterly from the accounts of participants with outstanding notes receivable balances. Origination fees are deducted from the participant's account at the inception of the note receivable. Investment-related fees are charged directly to the participant account via the investment NAV.

&nbsp;&nbsp;&nbsp;&nbsp;**12.PARTIES-IN-INTEREST TRANSACTIONS**

Under U.S. Department of Labor regulations, parties-in-interest are defined as fiduciaries of the Plan, any party rendering services to the Plan, the employer, and certain other related parties. Transactions between the Plan and parties-in-interest are subject to prohibited transaction rules but may qualify for exemptions under ERISA. The Plan does not reimburse administrative functions performed by Plan management or certain expenses paid directly by the Company.

------

**Eastman Investment and Employee Stock Ownership Plan**

**Notes to Financial Statements**

Certain Plan investments include shares of mutual funds and collective investment trusts managed by the Trustee as defined by the Plan. These transactions qualify as parties-in-interest transactions, which are exempt from prohibited transaction rules. The Plan also invests in the common stock of the Plan Sponsor as well as notes receivable from Plan participants, both of which qualify as parties-in-interest to the Plan and are exempt from prohibited transaction rules (see Note 3, "Risks and Uncertainties", and Note 4, "Investments").

&nbsp;&nbsp;&nbsp;&nbsp;**13.SUBSEQUENT EVENTS**

The Plan Administrator has evaluated events subsequent to December 31, 2025, through the date the financial statements were issued and determined that no additional disclosures are required.

------

**Supplemental Schedule**

------

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b)<br> Identity of issue, borrower, lessor, or similar party** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(d)<br>Cost** | **(e)<br>Current Value** |
| \* | Fidelity Management Trust Company | Interest Bearing Cash, Participant directed | \*\* | $988 |
| \* | Fidelity Management Trust Company | Interest Bearing Cash, Non-Participant directed | $1998 | 1998 |
|  | SSBK Govt Stif Fund | Interest Bearing Cash Equivalents | \*\* | 1577 |
|  | **Subtotal – Cash and Cash Equivalents** |  |  | **4563** |
| \* | Eastman Chemical Company | Common Stock, Participant directed | \*\* | 115785 |
| \* | Eastman Chemical Company | Common Stock, Non-Participant directed | $122913 | 100763 |
|  | **Subtotal – Common Stock – Eastman Chemical Co** |  |  | **216548** |
|  | 3M Co | Common Stock | \*\* | 1613 |
|  | Abbott Laboratories | Common Stock | \*\* | 1226 |
|  | Abbvie Inc | Common Stock | \*\* | 1640 |
|  | Accenture Plc Cl A | Common Stock | \*\* | 262 |
|  | Air Products & Chemicals Inc | Common Stock | \*\* | 2130 |
|  | Alphabet Inc Cl C | Common Stock | \*\* | 3447 |
|  | American Express Co | Common Stock | \*\* | 2281 |
|  | American Tower Corp | Common Stock | \*\* | 623 |
|  | Analog Devices Inc | Common Stock | \*\* | 2048 |
|  | Ares Management Corp Cl A | Common Stock | \*\* | 1076 |
|  | Arthur J Gallaghar And Co | Common Stock | \*\* | 1314 |
|  | Avalonbay Communities Inc Reit | Common Stock | \*\* | 492 |
|  | Bank Of America Corporation | Common Stock | \*\* | 3563 |
|  | Bank Of New York Mellon Corp | Common Stock | \*\* | 2170 |
|  | Becton Dickinson & Co | Common Stock | \*\* | 671 |
|  | Blackrock Inc | Common Stock | \*\* | 870 |
|  | Blackstone Inc | Common Stock | \*\* | 1180 |
|  | Bristol-Myers Squibb Co | Common Stock | \*\* | 931 |
|  | Capital One Financial Corp | Common Stock | \*\* | 2395 |
|  | Carrier Global Corp | Common Stock | \*\* | 930 |
|  | Cencora Inc | Common Stock | \*\* | 805 |
|  | Chevron Corp | Common Stock | \*\* | 2338 |
|  | Chubb Ltd | Common Stock | \*\* | 731 |
|  | Cigna Group (The) | Common Stock | \*\* | 1275 |
|  | Citigroup Inc | Common Stock | \*\* | 1843 |
|  | Cme Group Inc Cl A | Common Stock | \*\* | 1235 |
|  | Cms Energy Corp | Common Stock | \*\* | 860 |
|  | Coca Cola Co | Common Stock | \*\* | 1303 |
|  | Comcast Corp Cl A | Common Stock | \*\* | 1019 |
|  | Conocophillips | Common Stock | \*\* | 2557 |
|  | Corning Inc | Common Stock | \*\* | 1460 |
|  | Cvs Health Corp | Common Stock | \*\* | 1510 |
|  | Danaher Corp | Common Stock | \*\* | 1304 |
|  | Deere & Co | Common Stock | \*\* | 2089 |
|  | Digital Realty Trust Inc | Common Stock | \*\* | 591 |
|  | Disney (Walt) Co | Common Stock | \*\* | 742 |
|  | Dominion Energy Inc | Common Stock | \*\* | 1641 |
|  | Dover Corp | Common Stock | \*\* | 1917 |
|  | Eaton Corp Plc | Common Stock | \*\* | 2372 |

---

------

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b)<br> Identity of issue, borrower, lessor, or similar party** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(d)<br>Cost** | **(e)<br>Current Value** |
|  | Eli Lilly & Co | Common Stock | \*\* | 602 |
|  | Eog Resources Inc | Common Stock | \*\* | 1555 |
|  | Fidelity Natl Inform Svcs Inc | Common Stock | \*\* | 1221 |
|  | General Dynamics Corporation | Common Stock | \*\* | 2351 |
|  | Goldman Sachs Group Inc | Common Stock | \*\* | 1843 |
|  | Hewlett Packard Enterprise Co | Common Stock | \*\* | 1745 |
|  | Home Depot Inc | Common Stock | \*\* | 1670 |
|  | Intl Bus Mach Corp | Common Stock | \*\* | 614 |
|  | Johnson & Johnson | Common Stock | \*\* | 2617 |
|  | Lam Research Corp | Common Stock | \*\* | 628 |
|  | Lowes Cos Inc | Common Stock | \*\* | 2196 |
|  | Mcdonalds Corp | Common Stock | \*\* | 2079 |
|  | Medtronic Plc | Common Stock | \*\* | 1057 |
|  | Merck & Co Inc New | Common Stock | \*\* | 1550 |
|  | Microsoft Corp | Common Stock | \*\* | 2473 |
|  | Mondelez Intl Inc | Common Stock | \*\* | 1031 |
|  | Morgan Stanley | Common Stock | \*\* | 2153 |
|  | Nextera Energy | Common Stock | \*\* | 1451 |
|  | Nike Inc Cl B | Common Stock | \*\* | 909 |
|  | Norfolk Southern Corp | Common Stock | \*\* | 830 |
|  | Nxp Semiconductors Nv | Common Stock | \*\* | 1297 |
|  | Packaging Corp Of America | Common Stock | \*\* | 721 |
|  | Pepsico Inc | Common Stock | \*\* | 851 |
|  | Philip Morris Intl Inc | Common Stock | \*\* | 2899 |
|  | Procter & Gamble Co | Common Stock | \*\* | 1509 |
|  | Progressive Corp Ohio | Common Stock | \*\* | 1280 |
|  | Prologis Inc Reit | Common Stock | \*\* | 1019 |
|  | Public Svc Enterprise Grp Inc | Common Stock | \*\* | 380 |
|  | Quest Diagnostics Inc | Common Stock | \*\* | 624 |
|  | Republic Services Inc | Common Stock | \*\* | 637 |
|  | Rtx Corp | Common Stock | \*\* | 2186 |
|  | Schwab Charles Corp | Common Stock | \*\* | 2383 |
|  | Seagate Technology Holdings Plc | Common Stock | \*\* | 1165 |
|  | Texas Instruments Inc | Common Stock | \*\* | 1665 |
|  | Tjx Companies Inc New | Common Stock | \*\* | 1595 |
|  | Travelers Companies Inc | Common Stock | \*\* | 919 |
|  | Union Pacific Corp | Common Stock | \*\* | 2432 |
|  | Unitedhealth Group Inc | Common Stock | \*\* | 1346 |
|  | Ventas Inc Reit | Common Stock | \*\* | 1176 |
|  | Verizon Communications Inc | Common Stock | \*\* | 859 |
|  | Walmart Inc | Common Stock | \*\* | 1768 |
|  | Wells Fargo & Co | Common Stock | \*\* | 4547 |
|  | Xcel Energy Inc | Common Stock | \*\* | 1367 |
|  | Yum Brands Inc | Common Stock | \*\* | 787 |
|  | **Subtotal – Common Stock – Other** |  |  | **124441** |
|  | Dodge & Cox Stock Fund | Registered Investment Company | \*\* | 127171 |

---

------

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b)<br> Identity of issue, borrower, lessor, or similar party** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(d)<br>Cost** | **(e)<br>Current Value** |
| \* | Fid Govt Mmkt | Registered Investment Company | Registered Investment Company | Registered Investment Company | \*\* | 23 |
| **\*** | Fid Us Bond Idx | Registered Investment Company | Registered Investment Company | Registered Investment Company | **\*\*** | 32230 |
| **\*** | Fid 500 Index | Registered Investment Company | Registered Investment Company | Registered Investment Company | \*\* | 16276 |
| \* | Fidelity Ext Mkt Idx | Registered Investment Company | Registered Investment Company | Registered Investment Company | \*\* | 2843 |
|  | **Subtotal – Mutual Funds** |  |  |  |  | **178543** |
|  | Arrowst Acwi Ex-Us A | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 98365 |
|  | Btc Str Comp Nl M | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 1689 |
| \* | Fid Blue Chip GR Pool | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 167378 |
|  | Hotchkis & Wiley Small Cap Diversified V Class F | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 40884 |
|  | Loomis Sayles & Co SMC Gwth C | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 59422 |
|  | Pru Core Pl Bd Cl 5 | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 59952 |
|  | SP 500 Index Pl Cl D | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 468361 |
|  | SP Glb Exus Idx Cl D | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 37873 |
|  | SP Ext Mkt Idx Cl D | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 74485 |
|  | Vanguard Target Inc | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 40429 |
|  | Vanguard Target 2020 | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 37707 |
|  | Vanguard Target 2025 | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 98827 |
|  | Vanguard Target 2030 | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 254309 |
|  | Vanguard Target 2035 | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 215640 |
|  | Vanguard Target 2040 | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 184429 |
|  | Vanguard Target 2045 | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 156011 |
|  | Vanguard Target 2050 | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 196819 |
|  | Vanguard Target 2055 | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 127880 |
|  | Vanguard Target 2060 | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 92277 |
|  | Vanguard Target 2065 | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 26623 |
|  | Vanguard Target 2070 | Collective Investment Trust | Collective Investment Trust | Collective Investment Trust | \*\* | 6590 |
|  | **Subtotal – Collective Investment Trusts** |  |  |  |  | **2445950** |
|  | Cash | Cash | Cash | Cash | \*\* | 1381 |
|  | Aercap Ireland Capital Dac / Aercap Global Aviatio | Corporate Bond | 6.45% | 4/15/2027 | \*\* | 1540 |
|  | Air Lease Corp | Corporate Bond | 2.20% | 1/15/2027 | \*\* | 717 |
|  | Alimentation Couche-Tard Inc | Corporate Bond | 4.15% | 9/29/2028 | \*\* | 775 |
|  | Ally Auto Receivables Trust 2024-1 | Mortgage Backed Security | 5.08% | 12/15/2028 | \*\* | 183 |
|  | American Express Co | Corporate Bond | 5.08% | 1/30/2031 | \*\* | 321 |
|  | American Express Cr Acc Mst Tr | Mortgage Backed Security | 5.23% | 4/15/2029 | \*\* | 1328 |
|  | American General Life | Synthetic GIC | 2.54% |  | \*\* | 1224 |
|  | Amgen Inc | Corporate Bond | 5.15% | 3/2/2028 | \*\* | 378 |
|  | Ares Strategic Income Fund | Corporate Bond | 4.85% | 1/15/2029 | \*\* | 763 |
|  | AT&T Inc | Corporate Bond | 1.65% | 2/1/2028 | \*\* | 1653 |
|  | AT&T Inc | Corporate Bond | 4.70% | 8/15/2030 | \*\* | 557 |
|  | Athene Global Funding | Corporate Bond | 4.72% | 10/8/2029 | \*\* | 1011 |
|  | Athene Global Funding | Corporate Bond | 5.38% | 1/7/2030 | \*\* | 1426 |
|  | Avolon Holdings Funding Ltd | Corporate Bond | 5.38% | 5/30/2030 | \*\* | 186 |
|  | Ba Cr Card Tr | Mortgage Backed Security | 4.31% | 5/15/2030 | \*\* | 1623 |
|  | Bae Systems Plc | Corporate Bond | 5.13% | 3/26/2029 | \*\* | 438 |
|  | Banco Santander Sa | Corporate Bond | 1.72% | 9/14/2027 | \*\* | 988 |

---

------

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b)<br> Identity of issue, borrower, lessor, or similar party** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(d)<br>Cost** | **(e)<br>Current Value** |
|  | Bank Of America Corporation | Corporate Bond | 2.55% | 2/4/2028 | \*\* | 1889 |
|  | Bank Of America Corporation | Corporate Bond | 4.95% | 7/22/2028 | \*\* | 2487 |
|  | Bank Of New York Mellon | Corporate Bond | 4.73% | 4/20/2029 | \*\* | 429 |
|  | Banque Fed Cred Mutuel Paris | Corporate Bond | 5.19% | 2/16/2028 | \*\* | 1042 |
|  | Barclays Plc | Corporate Bond | 2.28% | 11/24/2027 | \*\* | 1904 |
|  | Barclays Plc | Corporate Bond | 5.37% | 2/25/2031 | \*\* | 1286 |
|  | Benchmark Mortgage Trust 2018-B7 | Mortgage Backed Security | 4.38% | 5/15/2053 | \*\* | 713 |
|  | Benchmark Mtg Tr 2018-B8 A2 | Mortgage Backed Security | 4.15% | 1/15/2052 | \*\* | 109 |
|  | Bmw Vehicle Lease Trust 2025-1 | Mortgage Backed Security | 4.43% | 6/26/2028 | \*\* | 868 |
|  | Boeing Co | Corporate Bond | 6.26% | 5/1/2027 | \*\* | 117 |
|  | Bofa Auto Tr 2024-1A A3 | Mortgage Backed Security | 5.35% | 11/15/2028 | \*\* | 76 |
|  | Bpce Sa | Corporate Bond | 2.04% | 10/19/2027 | \*\* | 1312 |
|  | Broadcom Inc | Corporate Bond | 4.15% | 2/15/2028 | \*\* | 1105 |
|  | Broadcom Inc | Corporate Bond | 5.05% | 7/12/2029 | \*\* | 983 |
|  | Bx 2021-Bxmf Tsfr1M | Mortgage Backed Security | 4.50% | 10/15/2026 | \*\* | 571 |
|  | Bx Coml Mtg Tr 2024-Gpa3 A Tsfr1M | Mortgage Backed Security | 5.04% | 12/15/2039 | \*\* | 104 |
|  | Bx Commercial Mortgage Trust 2021-Pac Tsfr1M | Mortgage Backed Security | 4.55% | 10/15/2036 | \*\* | 874 |
|  | Bx Commercial Mortgage Trust 22-Lp2 A Tsfr1M | Mortgage Backed Security | 4.76% | 2/15/2039 | \*\* | 172 |
|  | Bx Tr 2021-Acnt Tsfr1M | Mortgage Backed Security | 4.71% | 11/15/2038 | \*\* | 273 |
|  | Canadian Imperial Bk Of Comm | Corporate Bond | 5.24% | 6/28/2027 | \*\* | 1019 |
|  | Canadian Natl Resources Ltd | Corporate Bond | 5.00% | 12/15/2029 | \*\* | 382 |
|  | Capital One Prime Auto Receivables Trust 2023-2 | Mortgage Backed Security | 5.82% | 6/15/2028 | \*\* | 915 |
|  | Carmax Auto Owner Tr 2023-4 | Mortgage Backed Security | 6.00% | 7/17/2028 | \*\* | 192 |
|  | Carmax Auto Owner Tr 2024-2 | Mortgage Backed Security | 5.50% | 1/16/2029 | \*\* | 179 |
|  | Carvana Auto Receivables Tr 2025-P3 A3 | Mortgage Backed Security | 4.04% | 11/11/2030 | \*\* | 900 |
|  | Carvana Auto Receivables Trust 2025-P2 | Mortgage Backed Security | 4.55% | 8/12/2030 | \*\* | 617 |
|  | Cent Trust 2025-City A Var 07/10/2040 144A | Mortgage Backed Security | 4.92% | 7/10/2040 | \*\* | 240 |
|  | Chase Auto Owner Trust 2024-1 | Mortgage Backed Security | 5.13% | 5/25/2029 | \*\* | 194 |
|  | Chase Auto Owner Trust | Mortgage Backed Security | 5.22% | 7/25/2029 | \*\* | 900 |
|  | Chase Issuance Tr | Mortgage Backed Security | 4.16% | 7/15/2030 | \*\* | 1017 |
|  | Chase Issuance Tr | Mortgage Backed Security | 5.08% | 9/15/2030 | \*\* | 1800 |
|  | Chevron Phil Chem Llc /Chev Lp | Corporate Bond | 4.75% | 5/15/2030 | \*\* | 189 |
|  | Citibank | Synthetic GIC | 2.55% |  | \*\* | 595 |
|  | Citibank Cr Card Issuance Tr | Mortgage Backed Security | 4.30% | 6/21/2030 | \*\* | 1965 |
|  | Citizens Auto Receivables Trust 2024-1 | Mortgage Backed Security | 5.11% | 4/17/2028 | \*\* | 448 |
|  | Citizens Auto Receivables Trust 2024-2 | Mortgage Backed Security | 5.33% | 8/15/2028 | \*\* | 240 |
|  | Cooperatieve Rabobank Ua | Corporate Bond | 1.98% | 12/15/2027 | \*\* | 1874 |
|  | Corebridge Financial Inc | Corporate Bond | 3.65% | 4/5/2027 | \*\* | 294 |
|  | Corebridge Gbl Funding | Corporate Bond | 4.65% | 8/20/2027 | \*\* | 446 |
|  | Corebridge Gbl Funding | Corporate Bond | 4.85% | 6/6/2030 | \*\* | 1250 |
|  | Daimler Trucks Finance North America Llc | Corporate Bond | 4.95% | 1/13/2028 | \*\* | 429 |
|  | Daimler Trucks Finance North America Llc | Corporate Bond | 5.13% | 9/25/2027 | \*\* | 416 |
|  | Daimler Trucks Retail Trust 2024-1 | Mortgage Backed Security | 5.49% | 12/15/2027 | \*\* | 612 |
|  | Dell Equip Fin Tr 2023-2 | Mortgage Backed Security | 5.65% | 1/22/2029 | \*\* | 108 |

---

------

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b)<br> Identity of issue, borrower, lessor, or similar party** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(d)<br>Cost** | **(e)<br>Current Value** |
|  | Dell Equipment Finance Trust 2023-3 A3 | Mortgage Backed Security | 5.93% | 4/23/2029 | \*\* | 289 |
|  | Dell Intl/Emc Corp | Corporate Bond | 5.00% | 4/1/2030 | \*\* | 500 |
|  | Deutsche Bank Ag New York Bnch | Corporate Bond | 2.31% | 11/16/2027 | \*\* | 1372 |
|  | Deutsche Bank Ag New York Bnch | Corporate Bond | 4.95% | 8/4/2031 | \*\* | 1030 |
|  | Dllaa 2023-1A | Mortgage Backed Security | 5.64% | 2/22/2028 | \*\* | 94 |
|  | Dllad 2024-1 Llc | Mortgage Backed Security | 5.30% | 7/20/2029 | \*\* | 77 |
|  | Dllmt 2024-1 Llc | Mortgage Backed Security | 4.84% | 8/21/2028 | \*\* | 451 |
|  | Dnb Bank Asa | Corporate Bond | 1.60% | 3/30/2028 | \*\* | 1796 |
|  | Dnb Bank Asa | Corporate Bond | 4.38% | 11/4/2031 | \*\* | 1123 |
|  | Dte Energy Co | Corporate Bond | 4.95% | 7/1/2027 | \*\* | 411 |
|  | Dte Energy Co | Corporate Bond | 5.20% | 4/1/2030 | \*\* | 766 |
|  | Duke Energy Corp New | Corporate Bond | 4.30% | 3/15/2028 | \*\* | 1083 |
|  | Elp Coml Mtg Tr 2025-Elp | Mortgage Backed Security | 4.76% | 11/13/2042 | \*\* | 163 |
|  | Enbridge Inc | Corporate Bond | 4.60% | 6/20/2028 | \*\* | 151 |
|  | Enbridge Inc | Corporate Bond | 5.25% | 4/5/2027 | \*\* | 667 |
|  | Enbridge Inc | Corporate Bond | 5.30% | 4/5/2029 | \*\* | 567 |
|  | Enel Finance Intl Nv | Corporate Bond | 4.13% | 9/30/2028 | \*\* | 304 |
|  | Equinor Asa | Corporate Bond | 1.75% | 1/22/2026 | \*\* | 282 |
|  | Equitable America Global Funding | Corporate Bond | 4.65% | 6/9/2028 | \*\* | 482 |
|  | Equitable America Global Funding | Corporate Bond | 4.95% | 6/9/2030 | \*\* | 657 |
|  | Equitable Financial Life Global Funding | Corporate Bond | 4.60% | 4/1/2027 | \*\* | 829 |
|  | Equitable Financial Life Global Funding | Corporate Bond | 5.00% | 3/27/2030 | \*\* | 617 |
|  | Exelon Corp | Corporate Bond | 2.75% | 3/15/2027 | \*\* | 146 |
|  | Exelon Corp | Corporate Bond | 5.15% | 3/15/2029 | \*\* | 309 |
|  | Federal Home Ln Mtg Mlt Ctf Gt | Mortgage Backed Security | 4.00% | 7/15/2047 | \*\* | 289 |
|  | Federal Home Ln Mtg Mlt Ctf Gt 4847 Ca | Mortgage Backed Security | 3.50% | 11/15/2045 | \*\* | 118 |
|  | Federal Home Ln Mtg Mlt Ctf Gt K545 A2 | Mortgage Backed Security | 4.29% | 7/25/2030 | \*\* | 892 |
|  | Federal Home Ln Mtg Mlt Ctf Gt Var | Mortgage Backed Security | 4.27% | 7/25/2030 | \*\* | 1184 |
|  | Federal Home Ln Mtge Corp 4765 Qa | Mortgage Backed Security | 3.00% | 2/15/2046 | \*\* | 560 |
|  | Federal Nat Mtg Asn Gtd Rem 2011-26 Pa | Mortgage Backed Security | 4.50% | 4/25/2041 | \*\* | 155 |
|  | Federal Nat Mtg Asn Gtd Rem 2017-97 P | Mortgage Backed Security | 3.00% | 1/25/2047 | \*\* | 531 |
|  | Federal Nat Mtg Asn Gtd Rem Pa | Mortgage Backed Security | 1.85% | 5/25/2033 | \*\* | 285 |
|  | Federal Nat Mtg Asn Gtd Rem Pa 2017-11 Ha | Mortgage Backed Security | 3.50% | 12/25/2045 | \*\* | 460 |
|  | Federal Nat Mtg Asn Gtd Rem Pa 2018-3 Lp | Mortgage Backed Security | 3.00% | 2/25/2047 | \*\* | 817 |
|  | Federal Nat Mtg Asn Gtd Rem Pa | Mortgage Backed Security | 3.00% | 3/25/2048 | \*\* | 1021 |
|  | Federal Nat Mtg Asn Gtd Rem Pa | Mortgage Backed Security | 3.00% | 4/25/2044 | \*\* | 111 |
|  | Federal Nat Mtg Asn Gtd Rem Pa | Mortgage Backed Security | 3.50% | 2/25/2046 | \*\* | 131 |
|  | Federal Natl Mtg As Gtd Re Ptt 2016-105 Pa | Mortgage Backed Security | 3.50% | 4/25/2045 | \*\* | 207 |
|  | Federal Natl Mtg As Gtd Re Ptt 2018-11 La | Mortgage Backed Security | 3.50% | 7/25/2045 | \*\* | 281 |
|  | FHLG 15YR | Mortgage Backed Security | 2.50% | 1/1/2028 | \*\* | 45 |
|  | FHLG 15YR | Mortgage Backed Security | 2.50% | 12/1/2031 | \*\* | 518 |
|  | FHLG 15YR | Mortgage Backed Security | 3.00% | 3/1/2033 | \*\* | 1012 |
|  | FHLG 15YR | Mortgage Backed Security | 3.00% | 5/1/2033 | \*\* | 345 |
|  | FHLG 20YR | Mortgage Backed Security | 3.00% | 11/1/2033 | \*\* | 379 |
|  | FHLG 20YR | Mortgage Backed Security | 3.50% | 6/1/2032 | \*\* | 236 |
|  | FHLG 20YR | Mortgage Backed Security | 3.50% | 7/1/2032 | \*\* | 158 |

---

------

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b)<br> Identity of issue, borrower, lessor, or similar party** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(d)<br>Cost** | **(e)<br>Current Value** |
|  | FHLG 25YR | Mortgage Backed Security | 5.50% | 7/1/2035 | \*\* | 14 |
|  | FHLG | Mortgage Backed Security | 5.50% | 3/1/2034 | \*\* | 23 |
|  | FHLG | Mortgage Backed Security | 5.50% | 5/1/2034 | \*\* | 161 |
|  | FHLG | Mortgage Backed Security | 5.00% | 12/15/2037 | \*\* | 21 |
| **\*** | Fidelity Short Term Cash Fund | Cash | 3.75% |  | \*\* | 4724 |
|  | FNMA | Mortgage Backed Security | 6.50% | 7/1/2032 | \*\* | 2 |
|  | FNMA | Mortgage Backed Security | 6.50% | 7/1/2035 | \*\* | 3 |
|  | FNMA | Mortgage Backed Security | 6.50% | 12/1/2032 | \*\* | 2 |
|  | FNMA 15YR | Mortgage Backed Security | 2.00% | 2/1/2028 | \*\* | 70 |
|  | FNMA 15YR | Mortgage Backed Security | 2.50% | 1/1/2028 | \*\* | 62 |
|  | FNMA 15YR | Mortgage Backed Security | 2.50% | 1/1/2029 | \*\* | 155 |
|  | FNMA 15YR | Mortgage Backed Security | 2.50% | 10/1/2031 | \*\* | 218 |
|  | FNMA 15YR | Mortgage Backed Security | 3.00% | 2/1/2033 | \*\* | 1276 |
|  | FNMA 15YR | Mortgage Backed Security | 3.00% | 12/1/2032 | \*\* | 1185 |
|  | FNMA 15YR | Mortgage Backed Security | 3.50% | 2/1/2033 | \*\* | 158 |
|  | FNMA 15YR | Mortgage Backed Security | 3.50% | 9/1/2029 | \*\* | 81 |
|  | FNMA 15YR | Mortgage Backed Security | 3.50% | 11/1/2030 | \*\* | 78 |
|  | FNMA 15YR | Mortgage Backed Security | 3.50% | 12/1/2028 | \*\* | 2 |
|  | FNMA 15YR | Mortgage Backed Security | 4.00% | 2/1/2034 | \*\* | 550 |
|  | FNMA 15YR | Mortgage Backed Security | 4.00% | 3/1/2034 | \*\* | 1241 |
|  | FNMA 20YR | Mortgage Backed Security | 2.50% | 1/1/2033 | \*\* | 92 |
|  | FNMA 20YR | Mortgage Backed Security | 2.50% | 1/1/2033 | \*\* | 125 |
|  | FNMA 20YR | Mortgage Backed Security | 2.50% | 1/1/2033 | \*\* | 71 |
|  | FNMA 20YR | Mortgage Backed Security | 2.50% | 1/1/2033 | \*\* | 76 |
|  | FNMA 20YR | Mortgage Backed Security | 3.00% | 11/1/2032 | \*\* | 872 |
|  | FNMA 20YR | Mortgage Backed Security | 4.50% | 3/1/2039 | \*\* | 75 |
|  | FNMA 20YR | Mortgage Backed Security | 4.50% | 6/1/2039 | \*\* | 38 |
|  | FNMA 20YR | Mortgage Backed Security | 4.50% | 8/1/2039 | \*\* | 102 |
|  | FNMA | Mortgage Backed Security | 5.50% | 11/1/2034 | \*\* | 117 |
|  | FNMA | Mortgage Backed Security | 6.50% | 12/1/2035 | \*\* | 21 |
|  | FNMA | Mortgage Backed Security | 6.50% | 7/1/2032 | \*\* | 6 |
|  | FNMA | Mortgage Backed Security | 6.50% | 8/1/2036 | \*\* | 4 |
|  | FNMA | Mortgage Backed Security | 6.50% | 8/1/2036 | \*\* | 19 |
|  | FNMA | Mortgage Backed Security | 6.50% | 8/1/2036 | \*\* | 15 |
|  | FNMA | Mortgage Backed Security | 3.50% | 10/25/2044 | \*\* | 273 |
|  | Fnr 2013-16 Gp | Mortgage Backed Security | 3.00% | 3/25/2033 | \*\* | 29 |
|  | Fnr 2015-42 Le | Mortgage Backed Security | 3.00% | 6/25/2045 | \*\* | 268 |
|  | Fnr 2016-19 Ah | Mortgage Backed Security | 3.00% | 4/25/2046 | \*\* | 217 |
|  | Fnr 2017-20 Ap | Mortgage Backed Security | 3.50% | 3/25/2045 | \*\* | 552 |
|  | Ford Cr Floorpln Mast Own Tr A | Mortgage Backed Security | 5.29% | 4/15/2029 | \*\* | 1188 |
|  | Fordf 2025-1 A1 | Mortgage Backed Security | 4.63% | 4/15/2030 | \*\* | 678 |
|  | Freddie Mac Remics 2018-4766 Ma | Mortgage Backed Security | 3.50% | 2/15/2046 | \*\* | 496 |
|  | Freddie Mac Remics | Mortgage Backed Security | 3.00% | 10/25/2048 | \*\* | 508 |
|  | Ga Global Funding Trust | Corporate Bond | 5.40% | 1/13/2030 | \*\* | 840 |
|  | Gallagher (Arthur J.) & Co | Corporate Bond | 4.60% | 12/15/2027 | \*\* | 779 |
|  | General Mtrs Finl Co Inc | Corporate Bond | 2.35% | 2/26/2027 | \*\* | 790 |

---

------

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b)<br> Identity of issue, borrower, lessor, or similar party** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(d)<br>Cost** | **(e)<br>Current Value** |
|  | General Mtrs Finl Co Inc | Corporate Bond | 4.20% | 10/27/2028 | \*\* | 420 |
|  | Georgia Power Co | Corporate Bond | 4.65% | 5/16/2028 | \*\* | 858 |
|  | Glencore Fdg Llc | Corporate Bond | 4.91% | 4/1/2028 | \*\* | 311 |
|  | Gmf Floorplan Owner Revolving Tr | Mortgage Backed Security | 5.13% | 3/15/2029 | \*\* | 244 |
|  | Goldman Sachs Group Inc (The) | Corporate Bond | 2.64% | 2/24/2028 | \*\* | 1551 |
|  | Goldman Sachs Group Inc (The) | Corporate Bond | 4.48% | 8/23/2028 | \*\* | 1432 |
|  | Goldman Sachs Group Inc (The) | Corporate Bond | 4.94% | 4/23/2028 | \*\* | 1327 |
|  | Guardian Life Global Funding | Corporate Bond | 1.40% | 7/6/2027 | \*\* | 1845 |
|  | Healthcare Realty Holdings Lp | Corporate Bond | 3.50% | 8/1/2026 | \*\* | 168 |
|  | Hewlett Packard Enterprise Co | Corporate Bond | 4.40% | 9/25/2027 | \*\* | 599 |
|  | Hps Corporate Lending Fund | Corporate Bond | 4.90% | 9/11/2028 | \*\* | 351 |
|  | Hps Corporate Lending Fund | Corporate Bond | 5.30% | 6/5/2027 | \*\* | 524 |
|  | Hsbc Holdings Plc | Corporate Bond | 4.90% | 3/3/2029 | \*\* | 1001 |
|  | Hsbc Holdings Plc | Corporate Bond | 5.21% | 8/11/2028 | \*\* | 1066 |
|  | Hsbc Holdings Plc | Corporate Bond | 5.60% | 5/17/2028 | \*\* | 1538 |
|  | Huntington Auto Tr 2024-1 | Mortgage Backed Security | 5.23% | 1/16/2029 | \*\* | 1337 |
|  | Huntington Bancshares Inc/Oh | Corporate Bond | 4.44% | 8/4/2028 | \*\* | 845 |
|  | Hyundai Auto Receivables Trust 2023-B | Mortgage Backed Security | 5.48% | 4/17/2028 | \*\* | 132 |
|  | Hyundai Auto Receivables Trust 25-B | Mortgage Backed Security | 4.36% | 12/17/2029 | \*\* | 1173 |
|  | Hyundai Cap Amer | Corporate Bond | 4.30% | 9/24/2027 | \*\* | 1319 |
|  | Imperial Brands Finance Plc | Corporate Bond | 4.50% | 6/30/2028 | \*\* | 388 |
|  | Ing Groep Nv | Corporate Bond | 5.34% | 3/19/2030 | \*\* | 828 |
|  | Ingersoll Rand Inc | Corporate Bond | 5.18% | 6/15/2029 | \*\* | 1554 |
|  | Ingersoll Rand Inc | Corporate Bond | 5.20% | 6/15/2027 | \*\* | 1527 |
|  | Int Commercial Mortgage Trust 2025-Plaza Var | Mortgage Backed Security | 5.04% | 11/5/2037 | \*\* | 144 |
|  | Intercontinental Exchange Inc | Corporate Bond | 4.00% | 9/15/2027 | \*\* | 1632 |
|  | Jackson Natl Life Global Fdg | Corporate Bond | 4.60% | 10/1/2029 | \*\* | 1375 |
|  | Jackson Natl Life Global Fdg | Corporate Bond | 4.70% | 6/5/2028 | \*\* | 1093 |
|  | Jackson Natl Life Global Fdg | Corporate Bond | 5.35% | 1/13/2030 | \*\* | 721 |
|  | Jackson Natl Life Global Fdg | Corporate Bond | 5.55% | 7/2/2027 | \*\* | 426 |
|  | Japan Tobacco Inc | Corporate Bond | 4.85% | 5/15/2028 | \*\* | 623 |
|  | Jersey Central Powr & Light Co | Corporate Bond | 4.40% | 1/15/2031 | \*\* | 469 |
|  | JP Morgan Chase | Synthetic GIC | 2.54% |  | \*\* | 1690 |
|  | JP Morgan Chase & Co | Corporate Bond | 2.95% | 2/24/2028 | \*\* | 1696 |
|  | JP Morgan Chase & Co | Corporate Bond | 4.25% | 10/22/2031 | \*\* | 744 |
|  | JP Morgan Chase & Co | Corporate Bond | 4.85% | 7/25/2028 | \*\* | 1448 |
|  | JP Morgan Chase & Co | Corporate Bond | 5.57% | 4/22/2028 | \*\* | 910 |
|  | Life Financial Services Trust 2022 Tsfr1M | Mortgage Backed Security | 5.05% | 5/15/2039 | \*\* | 1215 |
|  | Lloyds Banking Group Plc | Corporate Bond | 4.38% | 3/22/2028 | \*\* | 1018 |
|  | Lloyds Banking Group Plc | Corporate Bond | 4.82% | 6/13/2029 | \*\* | 1453 |
|  | Mars Inc | Corporate Bond | 4.60% | 3/1/2028 | \*\* | 994 |
|  | Mars Inc | Corporate Bond | 4.80% | 3/1/2030 | \*\* | 329 |
|  | Massachusetts Mutual | Synthetic GIC | 2.54% |  | \*\* | 930 |
|  | Mass Mutual Global Fdg Ii | Corporate Bond | 4.85% | 1/17/2029 | \*\* | 1668 |
|  | Mercedes-Benz Auto Lease Trust 2025-A | Mortgage Backed Security | 4.61% | 4/16/2029 | \*\* | 817 |
|  | Mercedes-Benz Finance North America Llc | Corporate Bond | 4.80% | 8/1/2029 | \*\* | 1245 |

---

------

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b)<br> Identity of issue, borrower, lessor, or similar party** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(d)<br>Cost** | **(e)<br>Current Value** |
|  | Met Tower Global Funding | Corporate Bond | 4.00% | 10/1/2027 | \*\* | 445 |
|  | Meta Platforms Inc | Corporate Bond | 4.20% | 11/15/2030 | \*\* | 520 |
|  | Metropolitan Life Inc Co | Synthetic GIC | 2.54% |  | \*\* | 911 |
|  | Morgan Stanley | Corporate Bond | 4.99% | 4/12/2029 | \*\* | 800 |
|  | Morgan Stanley | Corporate Bond | 5.04% | 7/19/2030 | \*\* | 1362 |
|  | Morgan Stanley | Corporate Bond | 5.23% | 1/15/2031 | \*\* | 945 |
|  | Morgan Stanley Bk Na Salt Lake | Corporate Bond | 5.02% | 1/12/2029 | \*\* | 725 |
|  | Morgan Stanley Private Bank Na | Corporate Bond | 4.46% | 11/19/2031 | \*\* | 1109 |
|  | National Bank Of Canada | Corporate Bond | 4.50% | 10/10/2029 | \*\* | 921 |
|  | Nationwide Life Ins Co | Synthetic GIC | 2.55% |  | \*\* | 1277 |
|  | Nissan Auto Receivables 2023-B Owner Tr | Mortgage Backed Security | 5.93% | 3/15/2028 | \*\* | 426 |
|  | Nissan Master Owner Tr Receivable | Mortgage Backed Security | 5.05% | 2/15/2029 | \*\* | 459 |
|  | Ntt Finance Corp | Corporate Bond | 4.57% | 7/16/2027 | \*\* | 206 |
|  | Ntt Finance Corp | Corporate Bond | 4.62% | 7/16/2028 | \*\* | 207 |
|  | Nxp B V/Nxp Fdg Llc/Nxp Usa Inc | Corporate Bond | 4.30% | 8/19/2028 | \*\* | 263 |
|  | Oneok Inc | Corporate Bond | 4.25% | 9/24/2027 | \*\* | 126 |
|  | Oneok Inc | Corporate Bond | 4.40% | 10/15/2029 | \*\* | 131 |
|  | Pacific Life Ins Co | Synthetic GIC | 2.54% |  | \*\* | 749 |
|  | Parker-Hannifin Corp | Corporate Bond | 4.25% | 9/15/2027 | \*\* | 724 |
|  | Paychex Inc | Corporate Bond | 5.10% | 4/15/2030 | \*\* | 42 |
|  | Pinnacle West Capital Corp | Corporate Bond | 4.90% | 5/15/2028 | \*\* | 201 |
|  | Pinnacle West Capital Corp | Corporate Bond | 5.15% | 5/15/2030 | \*\* | 217 |
|  | Pnc Financial Services Grp Inc | Corporate Bond | 5.35% | 12/2/2028 | \*\* | 968 |
|  | Porsche Finl Auto Securitization Tr 2023 | Mortgage Backed Security | 5.79% | 1/22/2029 | \*\* | 245 |
|  | Prudential Ins Co America | Synthetic GIC | 2.54% |  | \*\* | 1483 |
|  | Public Svc Enterprise Grp Inc | Corporate Bond | 4.90% | 3/15/2030 | \*\* | 352 |
|  | Rga Global Funding | Corporate Bond | 4.35% | 8/25/2028 | \*\* | 1162 |
|  | Rga Global Funding | Corporate Bond | 5.45% | 5/24/2029 | \*\* | 776 |
|  | Rogers Communications Inc | Corporate Bond | 3.20% | 3/15/2027 | \*\* | 477 |
|  | Roper Technologies Inc | Corporate Bond | 4.50% | 10/15/2029 | \*\* | 435 |
|  | Sammons Financial Group Global Funding | Corporate Bond | 5.05% | 1/10/2028 | \*\* | 946 |
|  | Sammons Financial Group Global Funding | Corporate Bond | 5.10% | 12/10/2029 | \*\* | 876 |
|  | Santander Hldgs Usa Inc | Corporate Bond | 2.49% | 1/6/2028 | \*\* | 558 |
|  | Santander Hldgs Usa Inc | Corporate Bond | 6.12% | 5/31/2027 | \*\* | 421 |
|  | Sfs Auto Receivables Securitization Tr 2024-1 | Mortgage Backed Security | 4.95% | 5/21/2029 | \*\* | 343 |
|  | Sfs Auto Receivables Securitization Tr 2024-2 | Mortgage Backed Security | 5.33% | 11/20/2029 | \*\* | 126 |
|  | Simon Property Group Lp | Corporate Bond | 4.38% | 10/1/2030 | \*\* | 1177 |
|  | Societe Generale France | Corporate Bond | 2.80% | 1/19/2028 | \*\* | 1895 |
|  | Societe Generale France | Corporate Bond | 5.25% | 5/22/2029 | \*\* | 1026 |
|  | Southern Power Co | Corporate Bond | 4.25% | 10/1/2030 | \*\* | 353 |
|  | Sreit Tr 2021-Mfp Tsfr1M | Mortgage Backed Security | 4.60% | 11/15/2038 | \*\* | 675 |
|  | State St Bk & Tr Co Boston | Synthetic GIC | 2.54% |  | \*\* | 426 |
|  | State Street Corp | Corporate Bond | 4.53% | 2/20/2029 | \*\* | 739 |
|  | Targa Res Corp | Corporate Bond | 4.35% | 1/15/2029 | \*\* | 93 |
|  | Taubman Centers Commercial Mortgage Trust 24-Dpm A | Mortgage Backed Security | 4.99% | 12/15/2039 | \*\* | 399 |
|  | Tesla 2024-A A3 | Mortgage Backed Security | 5.30% | 6/21/2027 | \*\* | 303 |

---

------

Eastman Investment and Employee Stock Ownership Plan

Schedule H, Line 4i - Schedule of Assets (Held At End of Year) at December 31, 2025

(in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(a)** | **(b)<br> Identity of issue, borrower, lessor, or similar party** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(c)<br> Description of investment, including maturity date, rate of interest, collateral, par, or maturity value** | **(d)<br>Cost** | **(e)<br>Current Value** |
|  | Tesla Elec Veh Tr 2023-1 | Mortgage Backed Security | 5.38% | 6/20/2028 | \*\* | 580 |
|  | T-Mobile Us Trust 2025-2 | Mortgage Backed Security | 4.34% | 4/22/2030 | \*\* | 930 |
|  | Toronto Dominion Bank | Corporate Bond | 4.78% | 12/17/2029 | \*\* | 1080 |
|  | Transamerica Premier Life | Synthetic GIC | 2.54% |  | \*\* | 1346 |
|  | Truist Financial Corp | Corporate Bond | 5.07% | 5/20/2031 | \*\* | 1023 |
|  | Uber Technologies Inc | Corporate Bond | 4.15% | 1/15/2031 | \*\* | 181 |
|  | Usaa Auto Owner Trust 2023-A | Mortgage Backed Security | 5.58% | 5/15/2028 | \*\* | 257 |
|  | Usb Auto Owner Trust 2025-1 | Mortgage Backed Security | 4.49% | 6/17/2030 | \*\* | 298 |
|  | UST Notes | Government Bond | 3.63% | 8/31/2027 | \*\* | 4461 |
|  | UST Notes | Government Bond | 3.63% | 8/31/2029 | \*\* | 7666 |
|  | UST Notes | Government Bond | 3.63% | 8/31/2030 | \*\* | 10970 |
|  | UST Notes | Government Bond | 3.63% | 10/31/2030 | \*\* | 10126 |
|  | UST Notes | Government Bond | 3.63% | 12/31/2030 | \*\* | 4962 |
|  | UST Notes | Government Bond | 3.75% | 12/31/2028 | \*\* | 59018 |
|  | UST Notes | Government Bond | 4.00% | 1/31/2029 | \*\* | 25364 |
|  | UST Notes | Government Bond | 4.00% | 5/31/2030 | \*\* | 14116 |
|  | UST Notes | Government Bond | 4.13% | 7/31/2028 | \*\* | 11770 |
|  | UST Notes | Government Bond | 4.13% | 10/31/2029 | \*\* | 11408 |
|  | UST Notes | Government Bond | 4.25% | 1/31/2030 | \*\* | 22691 |
|  | Volkswagen Auto Loan Enhanced Trust 2023-2 | Mortgage Backed Security | 5.48% | 12/20/2028 | \*\* | 844 |
|  | Volkswagen Group Amer Fin Llc | Corporate Bond | 4.35% | 6/8/2027 | \*\* | 703 |
|  | Volvo Financial Equipment Llc Series 2024-1 | Mortgage Backed Security | 4.29% | 10/16/2028 | \*\* | 98 |
|  | Wells Fargo & Co New | Corporate Bond | 3.53% | 3/24/2028 | \*\* | 954 |
|  | Wells Fargo & Co New | Corporate Bond | 4.81% | 7/25/2028 | \*\* | 1445 |
|  | Wells Fargo & Co New | Corporate Bond | 4.97% | 4/23/2029 | \*\* | 1080 |
|  | Wells Fargo & Co New | Corporate Bond | 5.24% | 1/24/2031 | \*\* | 677 |
|  | Wells Fargo Card Issuance Trust | Mortgage Backed Security | 4.34% | 5/15/2030 | \*\* | 1147 |
|  | Western-Southern Global Funding | Corporate Bond | 4.90% | 5/1/2030 | \*\* | 132 |
|  | Wheels Fleet Lease Funding 1 Llc 25-3A A1 | Mortgage Backed Security | 4.08% | 9/18/2040 | \*\* | 673 |
|  | Williams Cos Inc | Corporate Bond | 4.63% | 6/30/2030 | \*\* | 234 |
|  | Williams Cos Inc | Corporate Bond | 4.80% | 11/15/2029 | \*\* | 658 |
|  | World Omni Auto Receivables Tr 2023-D | Mortgage Backed Security | 5.79% | 2/15/2029 | \*\* | 675 |
|  | World Omni Auto Receivables Tr 2024-A | Mortgage Backed Security | 4.86% | 3/15/2029 | \*\* | 1325 |
|  | World Omni Auto Receivables Tr 2024-B | Mortgage Backed Security | 5.27% | 9/17/2029 | \*\* | 591 |
|  | World Omni Auto Receivables Trust 2023-C | Mortgage Backed Security | 5.15% | 11/15/2028 | \*\* | 88 |
|  | **Subtotal – Managed Income Funds** |  |  |  |  | **365774** |
|  | **Self-Directed Brokerage Account** |  |  |  | **\*\*** | **189523** |
|  | **Total Investment Assets** |  |  |  |  | **3525342** |
| \* | Participant Loans | Interest rates ranging 4.25% to 9.50% with the maturity dates through January 2031 | 4.25% | 1/1/2031 |  | 50066 |
| \* | Participant Loans | Interest rates ranging 4.25% to 9.50% with the maturity dates through January 2031 | 9.50% | 1/1/2031 |  | 50066 |

---

\* Represents a party-in-interest to the Plan.

\*\* Historical cost is omitted because the investment is participant-directed.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Eastman Investment and Employee

Stock Ownership Plan

---

| | |
|:---|:---|
| Date: June 25, 2026 | By: <u>/s/Michelle R. Stewart</u> |
|  | Michelle R. Stewart |
|  | Vice President, Chief Accounting Officer and Corporate Controller, Eastman Chemical Company; <br>Member of Eastman Investment Plan Committee and<br>Named Fiduciary for Eastman Investment and Employee Stock Ownership Plan |

---

------

**Eastman Investment and Employee Stock Ownership Plan**

**Exhibit Index**

---

| | | |
|:---|:---|:---|
| **Exhibit<br>Number** | **Description** | **Sequential<br>Page Number** |
| <u>[23.1](a2025123111-kexhibit231.htm)</u> | <u>[Consent of Crowe](a2025123111-kexhibit231.htm)</u><sup>LLP</sup><u>[Independent Registered Public Accounting Firm](a2025123111-kexhibit231.htm)</u> |  |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in Registration Statement No. 33-73810 and 333-291290 on Form S-8 of Eastman Chemical Company of our report dated June 25, 2026 appearing in this Annual Report on Form 11-K of Eastman Investment and Employee Stock Ownership Plan for the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Crowe LLP

New York, New York

June 25, 2026

<br>