Document:

Exhibit (10) P.

August 13, 2003

	
  
Bernard Masson
  
	
  
Re:
  	
  
Offer of New Position
  

Dear Bernard:

I am delighted to extend you an offer to become the President, Consumer Group and Senior Vice President, Eastman Kodak Company.  This letter briefly outlines the role and compensation of the position.  I am confident that your professional talents will continue to be a great asset to Eastman Kodak Company in this new position.

Once signed by both parties, this letter will constitute an agreement between Eastman Kodak Company (“Kodak”) and you.

	
  
1.
  	
  
Position
  

Your position will be President, Consumer Group and Senior Vice President, Eastman Kodak Company.  In this new position, you will report directly to Antonio Perez, in his capacity as President and Chief Operating Office, Eastman Kodak Company.

	
  
2.
  	
  
Position   Date
  

You will commence your new position on August 18, 2003.  Except as specifically noted, the changes in your compensation described in this letter agreement will become effective on this date.

	
  
3.
  	
  
Location
  

You will continue to be located in Rochester, NY.  

	
  
4.
  	
  
Base   Salary
  

Your new base salary will be at the rate of $575,000 per year.

	
  
5.
  	
  
EXCEL
  

Your target annual award under EXCEL will increase to 72% of your base salary, making your new total targeted annual compensation $989,000.

Michael P. Morley, Chief Administrative Officer and Executive Vice President

    EASTMAN KODAK COMPANY • 343 STATE STREET • ROCHESTER, NEW YORK 14650-0232

    TEL (585) 724-4573 • FAX (585) 724-1655, E-Mail: morley@kodak.com

Mr. Bernard Masson, page -2-
 August 13, 2003

	
  
6.
  	
  
Stock   Option Program
  

You will also continue to be eligible to participate in Kodak’s annual Stock Option Program.  Your new annual target range under the program will be 22,400-33,600 options.  Your specific award for a year is, however, wholly within the discretion of the Compensation Committee of the Board.  

As you know, Kodak is considering certain changes to its management long-term compensation program.  In the event these changes are approved, some or your entire annual target stock option grant may be replaced with a different form of target award under a Company long-term compensation plan.  In determining the size of your new target award for this purpose, you will be treated in substantially the same manner as similarly situated senior executives of the Company.

	
  
7.
  	
  
Performance   Stock Program
  

You will also be eligible to continue to participate in the Company’s Performance Stock Program.  Commencing with the 2004-2006 performance cycle, your target award for a full performance cycle will be 5,250 shares of restricted Kodak common stock.

Here again, Kodak is considering certain changes to its Performance Stock Program.  In the event these changes are approved, some or your entire target award under the program may be replaced with a different form of target award under a Company long-term compensation plan.  In determining the size of your new target award for this purpose, you will be treated in substantially the same manner as similarly situated senior executives of the Company.

	
  
8.
  	
  
Severance
  

	
  
 
  	
  
A.
  	
  
In   General.  If prior   to August 13, 2008, Kodak terminates your employment for reasons other than   “Cause” or “Disability,” as those terms are defined below, Kodak will pay   you, subject to your satisfaction of the terms of this section, a severance   allowance equal to one (1) times your then-current annual total target   compensation (base salary plus target award under EXCEL).  The severance allowance will be paid in   equal consecutive monthly payments over the twelve (12) month period   commencing on the date of your termination of employment.
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
This severance allowance will be paid to you in lieu   of any other severance benefit, payment or allowance that you would otherwise   be eligible for, except any benefits payable to you under Kodak’s Termination   Allowance Plan (“TAP”) or any successor plan thereto.  To the extent, however, you are eligible   for a severance benefit under TAP (or any successor plan), the benefits   payable to you under this section will be reduced by the amount of such   severance benefit.  In no event will   any of this severance allowance be “benefits bearing.”  Kodak will withhold from this severance   allowance all income, payroll and employment taxes required by applicable law   or regulation to be withheld.
  

Mr. Bernard Masson, page -3-
 August 13, 2003

	
  
 
  	
  
 
  	
  
In the event you breach any of the terms of your   Eastman Kodak Company Employees’ Agreement or the Agreement, Waiver and   Release described below, in addition to and not in lieu of, any other   remedies that Kodak may pursue against you, no further severance allowance   payments will be made to your pursuant to this section and you agree to   immediately repay to Kodak all moneys previously paid to you pursuant to this   section.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
B.
  	
  
Agreement,   Waiver and Release.    In order to receive the severance allowance described in this section,   you must execute immediately prior to your termination of employment a   waiver, general release and covenant not to sue in favor of Kodak (the   “Agreement, Waiver and Release”), in a form satisfactory to the Vice   President and Director, Human Resources, of Kodak.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
C.
  	
  
Cause.   For purposes of this letter, “Cause” shall mean:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
i.
  	
  
your continued failure, for a period of at least 30   calendar days following a written warning, to perform your duties in a manner   deemed satisfactory by your supervisor, in the exercise of his/her sole   discretion; or
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
ii.
  	
  
your failure to follow a lawful written directive of   the Chief Executive Officer or your supervisor; or
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
iii.
  	
  
your willful violation of any material rule,   regulation, or policy that may be established from time to time for the   conduct of Kodak’s business; or
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
iv.
  	
  
your unlawful possession, use or sale of narcotics   or other controlled substances, or, performing job duties while illegally   used controlled substances are present in your system; or
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
v.
  	
  
any act of omission or commission by you in the   scope of your employment (a) which results in the assessment of a civil or   criminal penalty against you or Kodak, or (b) which in the reasonable   judgment of your supervisor could result in a material violation of any   foreign or U.S. federal, state or local law or regulation having the force of   law; or
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
vi.
  	
  
your conviction of or plea of guilty or no contest   to any crime involving moral turpitude; or
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
vii.
  	
  
any misrepresentation of a material fact to, or   concealment of a material fact from, your supervisor or any other person in   Kodak to whom you have a reporting relationship in any capacity; or
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
viii.
  	
  
your breach of Kodak’s Business Conduct Guide, the   Eastman Kodak Company Employee’s Agreement or similar guide or agreement of a   prior employer.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
D.
  	
  
Disability.  For purposes of this letter, the term   “Disability” means disability under the terms of the Kodak Long-Term   Disability Plan.
  

Mr. Bernard Masson, page -4-
 August 13, 2003

	
  
9.
  	
  
Miscellaneous
  
	
  
 
  	
  
 
  
	
  
 
  	
  
A.
  	
  
Unenforceability.  If any portion of this letter agreement is   deemed to be void or unenforceable by a court of competent jurisdiction, the   remaining portions will remain in full force and effect to the maximum extent   allowed by law.  The parties intend   and desire that each portion of this letter agreement be given the maximum   possible effect allowed by law.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
B.
  	
  
Headings.  The heading of the several sections of   this letter agreement have been prepared for convenience and reference only   and shall not control, affect the meaning, or be taken as the interpretation   of any provision of this letter agreement.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
C.
  	
  
Applicable   Law.  This letter   agreement, and its interpretation and application, will be governed and   controlled by the laws of the State of New York, applicable as though to a   contract made in New York by residents of New York and wholly to be performed   in New York without giving effect to principles of conflicts of laws.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
D.
  	
  
Amendment.  This letter agreement may not be changed,   modified, or amended, except in a writing signed by both you and Kodak that   expressly acknowledges that it is changing, modifying or amending this letter   agreement.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
D.
  	
  
At   Will. Please also keep in mind that, regardless of any   provision contained in this letter agreement to the contrary, your employment   at Kodak is “at will”.  That is, you   are free to terminate your employment at any time, for any reason, and Kodak   is free to do the same.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
E.
  	
  
Confidentiality.  You will agree to keep   the content and existence of this letter confidential except that you may   review it with your attorney, financial advisor, spouse, or adult children,   or with my designee or me.  Upon any   such disclosure, you agree to advise these individuals of the confidential   nature of this letter agreement and the facts giving arise to it as well as   their obligations to maintain the confidentiality of this letter agreement   and the facts giving rise to it.    Notwithstanding the foregoing provisions of this subsection to the   contrary, you may disclose to any and all persons, without limitation of any   kind, the tax treatment and tax structure of the transaction and all   materials of any kind (including opinions or other tax analyses) that are   provided to you relating to such tax treatment and tax structure.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
*          *          *
  
	
  
 
  
	
  
Your signature below means that:
  
	
  
 
  
	
   
  	
  
1.
  	
  
You have had ample opportunity to discuss the terms   and conditions of this letter agreement with an attorney of your choice and   as a result fully understand its terms and conditions; and
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
2.
  	
  
You accept the terms and conditions set forth in   this letter agreement; and
  

Mr. Bernard Masson, page -5-
 August 13, 2003

	
  
 
  	
  
3.
  	
  
This letter agreement supersedes and replaces any   and all agreements or understandings whether written or oral that you may   have with Kodak, or any subsidiaries or affiliates, concerning the subject   matter hereof.  This letter agreement   does not, however, replace or supersede your Eastman Kodak Company Employee’s   Agreement.
  

If you find the foregoing acceptable, please sign your name on the signature line provided below and return the original signed copy of this letter agreement directly to my attention on or prior to August 15, 2003.  Best of luck to you Bernard in your new position.

	
  
 
  	
  
Very truly yours,
  
	  
	  

	
  
 
  	
  
 
  
	
  
 
  	
  
Michael P. Morley
  

MPM:llh
 Enclosure

	
  
CC:
  	
  
Antonio M. Perez
  
	
  
 
  	
  
Robert L. Berman
  

	
  Signed:
  	
   
  	
   
  
	
   
  	
  

  	
   
  
	
   
  	
  Bernard Masson
  	
   
  
	
   
  	
   
 	
   
  
	
  Dated:
  	
  ______________________________Exhibit (10) R.

NOTICE OF AWARD OF NON-QUALIFIED STOCK OPTIONS

GRANTED TO ________________

EFFECTIVE DECEMBER 10, 2004

PURSUANT TO THE

2000 OMNIBUS LONG-TERM COMPENSATION PLAN

	
  
 
  	
  
APPROVED BY:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
The Executive Compensation and 
  
	
  
 
  	
  
Development Committee on
  
	
  
 
  	
  
December __, 2004
  

NOTICE OF AWARD OF NON-QUALIFIED STOCK OPTIONS
 GRANTED TO _______________
 EFFECTIVE DECEMBER 10, 2004
 PURSUANT TO THE
 2000 OMNIBUS LONG-TERM COMPENSATION PLAN

	
  
1.
  	
  
Background.  Under Article 8 of the 2000 Omnibus Long-Term   Compensation Plan (the “Plan”), the Committee may award non-qualified stock   options of the Company’s Common Stock to Kodak’s non-employee Directors,   subject to such terms, conditions and restrictions as it deems appropriate.
  
	
  
 
  	
  
 
  
	
  
2.
  	
  
Award.  The Committee granted, effective December 10, 2004 (the “Grant   Date”), ____________ (the “Participant”) an award of one thousand five   hundred (1,500) non-qualified stock options (the “Award”).  One option provides for the ability to   purchase a single share of Common Stock.    The Award is granted under the Plan, subject to the terms and   conditions of the Plan and those set forth in this Notice of Award of   Non-Qualified Stock Options (“Award Notice”).
  
	
  
 
  	
  
 
  
	
  
3.
  	
  
Terms and Conditions of Award.  The following terms and conditions will   apply to the Award:
  
	
   
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
Option Price.  The option price for the options evidenced   by this Award Notice will be the mean between the high and low at which Kodak   Common Stock trades on the New York Stock Exchange on the Grant Date, i.e.,   $_________.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
Duration of Option.  Subject to Section 3(i) below, each option   will expire at the close of business December 9, 2014, unless sooner   terminated or forfeited in accordance with the terms and conditions of this   Award Notice or the Plan.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(c)
  	
  
Vesting.  No option will be exercisable prior to the date on which it   vests.  The options will all vest on   the first anniversary of the Grant Date.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
The options must be exercised by written notice to   Kodak stating the number of options to be exercised.
  

	
  
 
  	
  
(d)
  	
  
Payment of Option Price.  The option price for the shares for which   the Participant exercises an option must be paid by the Participant on the   date the option is exercised in cash, in shares of Common Stock owned by the   Participant, or a combination of the foregoing.  Any share of Common Stock delivered in payment of the option   price will be valued at its Fair Market Value on the date of exercise.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(e)
  	
  
Rights as a Shareholder.  The Participant will not have any of the   rights of a shareholder with respect to the shares of Common Stock covered by   an option except to the extent one or more certificates for such shares will   be delivered to him or her upon the exercise of such option.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
(f)
  	
  
Broker Assisted Exercise.  The Participant may, subject to Section 5   hereof, exercise any option granted to him or her under this Award Notice by   way of the Company’s broker-assisted stock option exercise program, to the   extent such program is available at the time of such exercise.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(g)
  	
  
Cessation of Board Membership.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(i)
  	
  
Forfeiture.  If the Participant’s Board membership   terminates for any reason, other than for an Approved Reason or death or   Retirement, prior to the first anniversary of the Grant Date, the Participant   will immediately forfeit all of the stock options granted to him or her under   this Award Notice.  If the   Participant’s Board membership terminates for an Approved Reason or death or   Retirement, the options will, unless sooner forfeited in accordance with another   provision of this Award Notice or the provisions of the Plan, expire on the   date set forth in Section 3(b) above.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(ii)
  	
  
Vesting.  Notwithstanding Section 3(c) above to the contrary, if the   Participant dies prior to the vesting of all of the stock options granted to   him or her under this Award Notice, all of such unvested options will   immediately vest on the date of the Participant’s death and may be exercised,   subject to the Plan’s terms and conditions, at any time between such date and   the date such options are scheduled to expire under Section 3(b) above.
  

	
  
 
  	
  
(h)
  	
  
Exercise Upon Expiration.
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
(i)
  	
  
Notwithstanding Section 3(b) hereof to the contrary,   if on the options’ scheduled expiration date (A) any options remain unexercised   and (B) the Fair Market Value of a share of Common Stock exceeds the option   price, then the provisions of Section 3(h)(ii) below will apply.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(ii)
  	
  
The Participant may exercise any of his or her   unexercised options as of the date they are scheduled to expire, unless   already forfeited under the terms and conditions of this Award Notice or the   Plan, by providing written notice thereof to Kodak within sixty (60) days   after such scheduled expiration date.    In such event, the options will, for purposes of this Award Notice and   the Plan, be treated as exercised prior to the close of business on their   scheduled expiration date; provided, however, the Participant will not be the   record owner of the shares acquired upon exercise of such options until the one   or more certificates for the shares have been delivered to the   Participant.  The strike price of any   options exercised pursuant to the provisions of this Section 3(h) will be the   mean between the high and low at which the Common Stock trades on the New York   Stock Exchange on the options’ scheduled expiration date, or, if
such day is   not a trading day, the immediately preceding trading day.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(iii)
  	
  
Notwithstanding Section 3(f) above to the contrary,   any options exercised pursuant to this Section 3(h) may not be exercised by   way of the Company’s broker-assisted stock option program.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
4.
  	
  
Definitions.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
Any defined term used in this Award Notice, other   than those set forth in Section 4(b) below, will have the same meaning for   purposes of this document as that ascribed to it under the terms of the Plan.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
The following definitions will apply to this Award   Notice:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(i)
  	
  
Approved Reason.  A termination of Board membership will be   identified as an “Approved Reason” if, in the opinion of the Committee in its   sole discretion, it is in the best interest of the Company to do so.
  

	
  
 
  	
  
 
  	
  
(ii)
  	
  
Fair Market Value.  “Fair Market Value” means the opening   price of the Common Stock on the New York Stock Exchange on the relevant date;   provided, however, if the Common Stock is not traded on the relevant date,   then the opening price on the immediately preceding date on which the Common   Stock is traded.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(iii)
  	
  
Retirement.  The term “Retirement” means voluntary   cessation of the Participant’s Board membership on or after the Participant’s   70th birthday.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
5.
  	
  
Section 16 of the Exchange Act.  In order to avoid any Exchange Act   violations, the Committee may, at any time and from time to time, impose   additional restrictions upon the Award, including, but not by way of   limitation, restrictions regarding the Participant’s ability to exercise   options under the Company’s broker-assisted stock option exercise program.
  
	
  
 
  	
  
 
  
	
  
6.
  	
  
Non-Assignability.
  
	
   
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
In General.  Except as specified in Section 6(b), the   Award shall not in any manner be subject to alienation, anticipation, sale,   transfer, assignment, pledge or encumbrance.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
Transfers.  The stock options granted pursuant to this   Award Notice are transferable in accordance with, and subject to, the terms   and conditions set forth in Section 19.1(b) of the Plan.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
7.
  	
  
Effect of Award Notice.  This Award Notice, including its reference   to the Plan, constitutes the entire understanding between the Company and the   Participant concerning the Award and supersedes any prior notices, letters,   statements or other documents issued by the Company relating to the Award and   all prior agreements and understandings between the Company and the   Participant, whether written or oral, concerning the Award.
  
	
   
  	
  
 
  
	
  
8.
  	
  
Miscellaneous.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
Headings.  The headings of the Sections of this Award   Notice have been prepared for convenience and reference only and shall not   control, affect the meaning, or be taken as the interpretation of any   provision of the Award Notice.
  

	
  
 
  	
  
(b)
  	
  
Applicable Law.  All matters pertaining to this Award   Notice (including its interpretation, application, validity, performance and   breach) shall be governed by, construed and enforced in accordance with the   laws of the State of New York (except as superseded by applicable Federal   Law) without giving effect to principles of conflicts of laws.
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(c)
  	
  
Amendment.  The Committee may, from time to time,   amend this Award Notice in any manner.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
9.
  	
  
Administration.  The Committee shall have full and absolute   authority and discretion, subject to the provisions of the Plan, to   interpret, construe and implement this Award Notice, to prescribe, amend and   rescind rules and regulations relating to it, and to make all other determinations   necessary, appropriate or advisable for its administration.  All such Committee determinations shall be   final, conclusive and binding upon any and all interested parties and their   heirs, successors, and personal representatives.
  

NOTICE OF AWARD OF RESTRICTED STOCK

 

GRANTED TO ___________

DECEMBER 10, 2004

PURSUANT TO THE

2000 OMNIBUS LONG-TERM

COMPENSATION PLAN

	
   
  	
  
APPROVED BY:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Executive Compensation and
  
	
  
 
  	
  
Development Committee
  
	
  
 
  	
  
December ___, 2004
  

NOTICE OF AWARD OF RESTRICTED STOCK
 GRANTED TO ___________
 DECEMBER 10, 2004
 PURSUANT TO THE
 2000 OMNIBUS LONG-TERM
 COMPENSATION PLAN

	
  
1.
  	
  
Background.  Under Article 10 of the 2000 Omnibus   Long-Term Compensation Plan (the “Plan”), the Committee may, among other   things, award restricted shares of Kodak’s Common Stock to Kodak’s   non-employee Directors, subject to such terms, conditions and restrictions,   as it deems appropriate.
  
	
  
 
  	
  
 
  
	
  2.
  	
  
Award.  Effective December 10, 2004 (the “Grant Date”), the Committee   granted to ______________________ (the “Participant”) an Award of one   thousand five hundred (1,500) restricted shares of Common Stock (“Restricted   Shares”).  This Award was granted   under the Plan, subject to the terms and conditions of the Plan and those set   forth in this Notice of Award of Restricted Stock (“Award Notice”).  To the extent there are any   inconsistencies between the terms of the Plan and this Award Notice, the   terms of the Plan will control.
  
	
  
 
  	
  
 
  
	
  
3.
  	
  
Terms and Conditions of Restricted Shares.  The following terms and conditions will   apply to the Restricted Shares:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
Issuance.  The Restricted Shares awarded to the   Participant will be evidenced by a book entry recorded by Kodak’s transfer   agent in an account established by the transfer agent on behalf of the Participant.  This book entry will indicate that the   Restricted Shares are restricted under the terms of this Award Notice.  The Participant will be a shareowner of   all the shares represented by this book entry.  As such, the Participant will have all the rights of a   shareowner with respect to the Restricted Shares, including but not limited   to, the right to vote such shares and to receive all dividends and other   distributions (subject to Section 3(b)) paid with respect to them, provided,   however, that the Restricted Shares will be subject to the restrictions in   Section 3(d).
  

	
  
 
  	
  
(b)
  	
  
Stock Splits, Dividends, etc.  If under Section 6.2 of the Plan, entitled   “Adjustment to Shares,” the Participant, as the owner of the Restricted   Shares, becomes entitled to new, additional, or different shares of stock or   securities: (i) Kodak’s transfer agent will adjust its book entry for the   Participant to reflect such new, additional, or different shares of stock or   securities; and (ii) such new, additional, or different shares of stock or   securities will be subject to the restrictions provided for in Section 3(d)   below.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(c)
  	
  
Restriction Period.  The Restricted Shares will be subject to   one “Restriction Period.”  The   Restriction Period for the Restricted Shares will begin on the Grant Date and   terminate upon the earlier of: (i) Retirement; (ii) death; (iii) cessation of   Board membership for an Approved Reason; or (iv) the first anniversary of the   Grant Date.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
(d)
  	
  
Restrictions on Restricted Shares.  The restrictions to which the Restricted   Shares are subject are:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(i)
  	
  
Nonalienation.  During their Restriction Period, the   Restricted Shares may not be sold, exchanged, transferred, assigned, pledged,   hypothecated, or otherwise disposed of except by will or the laws of descent   and distribution.  Any attempt by the   Participant to dispose of a Restricted Share in any such manner will result   in the immediate forfeiture of such Restricted Share and all other Restricted   Shares then held by Kodak’s transfer agent on the Participant’s behalf.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(ii)
  	
  
Continuous Board Membership.  The Participant must remain continuously a   member of Kodak’s Board of Directors throughout the Restriction Period in   order to receive the Restricted Shares that are subject to that Restriction   Period.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(e)
  	
  
Lapse of Restrictions.  The restrictions set forth in Section 3(d)   above, with respect to a Restricted Share, will, unless the Restricted Share   is forfeited sooner, lapse upon the expiration of such Restricted Share’s   Restriction Period.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
4.
  	
  
Cessation of Board Membership.  If the Participant’s Board membership   ceases during the Restriction Period for any reason other than due to   Retirement, death or an Approved Reason, the Participant will immediately   forfeit all of the Restricted Shares.
  

	
  
5.
  	
  
Issuance of Shares of Common Stock.  Upon the lapse of the Restriction Period,   Kodak will, unless the Restricted Shares are sooner forfeited, promptly   instruct its transfer agent to reflect on its books those Restricted Shares   that are no longer restricted.  The   transfer agent will then deliver to the Participant a stock certificate for   the number of unrestricted shares held in the Participant’s account.
  
	
   
  	
  
 
  
	
  
6.
  	
  
Definitions.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
Any defined term used in this Award Notice, other   than that set forth in Section 6(b) below, will have the same meaning for   purposes of this document as that ascribed to it under the terms of the Plan.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
The following definitions will apply to this Award   Notice:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(i)
  	
  
Approved Reason.  A termination of Board membership will be   identified as an “Approved Reason” if, in the opinion of the Committee in its   sole discretion, it is in the best interest of the Company to do so.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(ii)
  	
  
Retirement.  The term “Retirement” means voluntary   cessation of the Participant’s Board membership on or after the Participant’s   70th birthday.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
7.
  	
  
Effect of Award Notice.  This Award Notice, including its reference   to the Plan, constitutes the entire understanding between the Company and the   Participant concerning the Award and supersedes any prior notices, letters,   statements or other documents issued by the Company relating to the Award and   all prior agreements and understandings between the Company and the   Participant, whether written or oral, concerning the Award.
  
	
  
 
  	
  
 
  
	
  
8.
  	
  
Administration.  The Committee will have full and absolute   authority and discretion, subject to the provisions of the Plan, to   interpret, construe and implement this Award Notice, to prescribe, amend and   rescind rules and regulations relating to it, and to make all other   determinations necessary, appropriate or advisable for its   administration.  All such Committee   determinations will be final, conclusive and binding upon any and all   interested parties and their heirs, successors, and personal representatives.
  

	
  
9.
  	
  
Miscellaneous.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
(a)
  	
  
Headings.  The headings of the Sections of the Award   Notice have been prepared for convenience and reference only and will not   control, affect the meaning, or be taken as the interpretation of any   provision of the Award Notice.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(b)
  	
  
Applicable Law.  This Award Notice, and its interpretation   and application, will be governed and controlled by the laws of the State of   New York (except as superseded by applicable Federal Law), applicable as   though to a contract made in New York by residents of New York and wholly to   be performed in New York without giving effect to principles of conflicts of   laws.
  
	
   
  	
   
  	
   
  
	
   
  	
  (c)
  	
  Amendment.  The Committee may, from time to time,   amend this Award Notice in any manner.
  
	
   
  	
   
  	
   
  
	
  10.
  	
  Tax Consequences.  No person connected with this Award Notice   in any capacity, including, but not limited to, Kodak and its Subsidiaries   and their respective directors, officers, agents and employees makes any   representation, commitment, or guarantee that any tax treatment, including,   but not limited to, federal, state and local income, estate and gift tax   treatment, will be applicable with respect to the Award.

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