Document:

exv10w2

Exhibit 10.2

THIS SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED, (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A)
THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE), (II) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR (III) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, IN EACH OF CASES (I) THROUGH
(III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B)
THE HOLDER WILL NOTIFY ANY SUBSEQUENT PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE.

EASTMAN KODAK COMPANY

WARRANT

TO PURCHASE COMMON STOCK

			
	 	 	 
	Certificate Number:
	 	Dated: September 29, 2009

          For
value received,                        (the “Investor” and, together with any transferee of the Warrant in accordance
with the terms of this Warrant, the “Holder”), is entitled to purchase from Eastman Kodak Company,
a New Jersey corporation (together with its successors and assigns, the “Company”), at any time and
from time to time after the date set forth above and prior to 5:00 p.m., New York time, on the
Expiration Date (as defined below), at the purchase price of $5.50 per share (as such price may be
adjusted pursuant to Section 2, the “Exercise Price”) an aggregate of            fully-paid
and nonassessable shares of the Company’s voting common stock, par value $2.50 per share (“Common
Stock”) (as such shares may be adjusted pursuant to Section 2 and Annex A, the “Warrant Shares”).

          This Warrant (this “Warrant”) is being initially issued to the Investor pursuant to a Note and
Warrant Purchase Agreement dated September 16, 2009 (the “Purchase Agreement”) by and among the
Company, the Investor and the other parties named therein, as it may be amended, restated, modified
or supplemented from time to time. This Warrant and the Warrant Shares are entitled to the
registration rights provided for in the registration rights agreement of even date herewith among
the Company, the Investor and the other parties named therein (the “Registration Rights
Agreement”).

 

 

     Section 1. Term and Exercise of Warrant.

          1.1 Term of Warrant. The Holder shall have the right, at any time before 5:00 p.m.,
New York time, on the eighth anniversary of the date hereof, or, if such date is not a Business Day
(as defined below), the next Business Day (the “Expiration Date”) to exercise this Warrant in
accordance with the terms of this Warrant.

          1.2 Exercise of Warrant.

               (a) Cash Exercise. This Warrant may be exercised at any time prior to the Close of
Business on the Expiration Date (or if the Expiration Date is not a Business Day, the next Business
Day) and from time to time, in whole or in part, but not for less than 1,000,000 Warrant Shares,
upon surrender to the Company, together with the duly completed and signed form of notice of
exercise (designating thereon the Holder’s election to cash exercise (“Cash Exercise”)) in the form
attached (the “Notice of Exercise”), and payment to the Company of the Exercise Price in effect on
the date of such exercise for the number of Warrant Shares in respect of which this Warrant is then
being exercised; provided, that the Holder may not elect to Cash Exercise this Warrant
unless there is available an effective registration statement to cover such transaction or such
Holder checks the box on the Notice of Exercise thereby representing to the Private Placement
Representations (as defined in the Notice of Exercise). Payment of the aggregate Exercise Price
upon exercise pursuant to this Section 1.2(a) shall be made by delivery of a check to the principal
executive offices of the Company as provided in Section 7 or, at the Holder’s discretion, by wire
transfer of immediately available funds in accordance with written wire transfer instructions to be
provided by the Company at the Holder’s request.

               (b) Net-Issue Exercise. In lieu of exercising this Warrant on a cash basis pursuant
to Section 1.2(a), the Holder may elect to exercise this Warrant at any time prior to the Expiration
Date and from time to time, in whole or in part, but not for less than 1,000,000 Warrant Shares, on
a net-issue basis by electing to receive the number of Warrant Shares which are equal in value to
the value of this Warrant (or any portion thereof to be canceled in connection with such Net-Issue
Exercise) at the time of any such Net-Issue Exercise, by surrender of this Warrant, together with
the duly completed and signed Notice of Exercise (designating the Holder’s election to Net-Issue
Exercise (“Net-Issue Exercise”)), to the Company at the principal executive offices of the Company
as provided in Section 7; provided that the Holder may not elect to Net-Issue Exercise this
Warrant if at such time the Holder would be prohibited from transferring the Warrant Shares
pursuant to Section 3. The Notice of Exercise shall be properly marked to indicate (A) the number
of Warrant Shares to be delivered to the Holder in connection with such Net-Issue Exercise, (B) the
number of Warrant Shares in respect of which this Warrant is being surrendered in payment of the
aggregate Exercise Price for the Warrant Shares to be delivered to the Holder in connection with
such Net-Issue Exercise, calculated as of the Determination Date (as defined below) and (C) the
number of Warrant Shares which remain subject to this Warrant after such Net-Issue Exercise, if any
(each as determined in accordance with this Section 1.2(b)). In the event that the Holder elects
to exercise this Warrant in whole or in part on a net-issue basis pursuant to this Section 1.2(b),
the Company will issue to the Holder the number of Warrant Shares determined in accordance with the
following formula:

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X = Y x (A-B) / A

where:

	 	•	 	“X” is the number of Warrant Shares to be issued to the Holder in connection with such
Net-Issue Exercise;
	 
	 	•	 	“Y” is the number of Warrant Shares to be exercised, up to the number of Warrant Shares
subject to this Warrant;
	 
	 	•	 	“A” is the Closing Sale Price (as defined below) as of the Determination Date (as
defined below) of one share of Common Stock; and
	 
	 	•	 	“B” is the Exercise Price in effect as of the date of such Net-Issue Exercise (as
adjusted pursuant to Section 2). 

The “Determination Date” will be the date indicated on the Notice of Exercise; provided,
however, that if the Company does not receive the Notice of Exercise within five (5)
business days of the date indicated thereon, the Determination Date will be the date the Company
receives such Notice of Exercise.

               (c) Fractional Interests. No fractional shares of Common Stock will be issued upon
the exercise of this Warrant, but in lieu thereof the Company shall pay therefor in cash an amount
equal to the product obtained by multiplying the Closing Sale Price of one share of Common Stock on
the Trading Day immediately preceding the date of exercise of the Warrant times such fraction
(rounded to the nearest cent).

               (d) Deemed Issuance. Subject to 1.2(c), upon such surrender of the Warrant, delivery
of the Notice of Exercise and, in the case of a Cash Exercise
pursuant to Section 1.2(a), payment of
the Exercise Price, the Company will issue and cause to be delivered with all reasonable dispatch
(and in no event more than three Business Days from delivery of the Notice of Exercise) to and in
the name of the Holder, or in the name of such other Person as designated by the Holder, a
certificate or certificates for the number of full shares of Common Stock so purchased upon the
exercise of this Warrant, together with a check or cash in respect of any fraction of a share of
Common Stock otherwise deliverable upon such exercise, as provided in
Section 1.2(c). Such certificate
or certificates shall be deemed to have been issued, and the Person in whose name any such
certificates will be issuable upon exercise of this Warrant (as indicated in the applicable Notice
of Exercise) will be deemed to have become a holder of record of such Warrant Shares as of the date
of the surrender of this Warrant and, in the case of a Cash Exercise pursuant to Section 1.2(a),
payment of the Exercise Price.

               (e) Warrant Exercisable in Whole or in Part. The rights of purchase represented by
this Warrant shall be exercisable, at the election of the Holder, either in full or from time to
time in part, but not for less than 1,000,000 Warrant Shares. If this Warrant is exercised in
respect of less than all of the Warrant Shares purchasable on such exercise at any time prior to
the Expiration Date, a new Warrant of like tenor exercisable for the remaining Warrant Shares may
be issued and delivered to the Holder by the Company. This Warrant or any

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part thereof surrendered in the exercise of the rights thereby evidenced shall thereupon be
cancelled by the Company and retired.

               (f) Company Covenants. The Company shall (i) at all times cause the Warrant Shares to
be approved for listing on the New York Stock Exchange or such other securities exchange or market
as the Common Stock is listed from time to time, subject to official notice of issuance and (ii)
for as long as this Warrant remains outstanding, at all times reserve and keep available, free from
preemptive rights, out of its authorized but unissued Common Stock or shares of Common Stock held
in treasury by the Company, for the purpose of effecting the exercise of this Warrant, the number
of Warrant Shares then issuable upon the exercise hereof (after giving effect to all anti-dilution
adjustments provided for herein). All Warrant Shares delivered upon exercise of this Warrant shall
be newly issued shares or shares held in treasury by the Company, shall have been duly authorized
and validly issued and shall be fully paid and nonassessable, and shall be free from preemptive
rights and free of any lien or adverse claim (except for liens or adverse claims arising from the
action or inaction of Holder).

     Section 2. Adjustment of Exercise Price and Warrant Shares.

          The Exercise Price and the number of Warrant Shares purchasable upon the exercise of this
Warrant shall be subject to adjustment from time to time as set forth in Annex A.

     Section 3. Restriction on Transfer of Warrant and Warrant Shares.

               (a) The Holder agrees that, it will not, prior to the second anniversary of the Issue Date (as
defined below), transfer this Warrant or the Warrant Shares or enter into any swap, hedge, forward
contract or other arrangement that transfers, in whole or in part, any of the economic consequences
of ownership of the Warrants or Warrant Shares to a third party. However, the foregoing
restrictions shall not apply to:

(i) transfers by a Holder to a member of the KKR Group;

(ii) transfers to holders of the capital stock, partnership interests,
membership interests or other equity interests of a member of the KKR Group
that is a Holder by way of a distribution in kind to all or substantially
all of such holders on a basis proportionate with such Person’s equity
interest in such Holder (a “Distributee”);

(iii) transfers to a nominee or custodian of a member of the KKR Group or a
Distributee (Warrants and Warrant Shares so transferred to a nominee or
custodian will, however, be deemed to continue to be held by the
transferring Holder for purposes of determining any rights under the
Purchase Agreement or Registration Rights Agreement);

(iv) pledges of this Warrant or the Warrant Shares pursuant to any bona fide
financing transaction for the incurrence of debt and any transfer as a
result of the foreclosure thereon;

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(v) any transfer of this Warrant or the Warrant Shares in connection with or
at any time after the Company has provided a notice of an event described in
Section 1.06(i) or (ii) of Annex A (or has publicly announced any such
event);

(vi) transfers during a period in which the Company is in default of its
obligations in Section 9 of the Purchase Agreement; or

(vii) transfers to the Company or any of its Subsidiaries.

               (b) On or after the second anniversary of the Issue Date, in addition to transfers of a type
provided for in Section 3.1(a), the Holder may transfer this Warrant or the Warrant Shares to any
Person:

(i) pursuant to a registration statement that is, at the time of such
transfer, effective under the Securities Act;

(ii) pursuant to Rule 144 promulgated under the Securities Act; or

(iii) in a transaction otherwise exempt from the registration requirements
of the Securities Act (subject to the requirements of such exemption).

               (c) Notwithstanding the foregoing, the following terms and conditions will apply to each
transfer provided for in Section 3.1(a) and (b), as applicable:

(i) in the case of a transfer pursuant to Section 3(b)(ii) or (iii), as a
condition precedent to such transfer, unless otherwise agreed by the Company
in writing, the transferor must deliver an opinion of counsel reasonably
satisfactory to the Company to the effect that the proposed transfer is
exempt from registration under the Securities Act and applicable state
securities laws; and

(ii) no Holder that is subject to the Company’s then-applicable insider
trading policy may transfer any of the Warrants or any Warrant Shares except
to the extent permitted under such trading policy.

               (d) By its acceptance of this Warrant, each Holder (i) shall be deemed to have acknowledged
and agreed to the restrictions on transfer described in this Section, and to have acknowledged that
the Company will rely upon the truth and accuracy of such acknowledgement and agreement and (ii)
agrees to the imprinting of the following legend on any certificate evidencing this Warrant and the
Warrant Shares (provided that the legend set forth in the second immediately following paragraph
shall only be affixed to a Warrant transferred to a Person subject to the provisions of Section 8
of the Purchase Agreement:

THIS SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER
THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, (THE “SECURITIES ACT”),

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AND THIS SECURITY MAY
NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR
AN APPLICABLE EXEMPTION THEREFROM. THE HOLDER OF THIS SECURITY AGREES FOR THE
BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED, ONLY (I) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, INCLUDING RULE 144 UNDER THE SECURITIES ACT (IF
AVAILABLE), (II) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR (III) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, IN EACH OF CASES
(I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES, AND (B) THE HOLDER WILL NOTIFY ANY SUBSEQUENT PURCHASER OF THIS
SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

THE HOLDER HEREOF, BY VIRTUE OF ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY THE
TERMS OF SECTION 8 IN THE PURCHASE AGREEMENT AND, IF THE SECURITY EVIDENCED BY THIS
CERTIFICATE IS A WARRANT, THE TERMS HEREOF AS A “HOLDER.”

               (e) Except as provided in Section 3(a), (b) and (c) above, this Warrant, the rights
represented hereby and the Warrant Shares may not be transferred in whole or in part by the Holder.
In order to effect any transfer or partial transfer of this Warrant, the Holder shall deliver this
Warrant to the Company with the notice of transfer in the form attached (the “Notice of Transfer”)
completed and duly executed. Upon receipt of Notice of Transfer and the opinion of counsel
required by this Section, if any, the Company shall promptly (i) issue to the transferee a new
Warrant for the number of Warrant Shares assigned by the Holder, and (ii) to the extent the
transfer contemplated by the Notice of Transfer is not for the entire number of Warrant Shares
represented by this Warrant, issue to the Holder a replacement Warrant representing the balance of
such Warrant.

               (f) The Company shall not be required to register any transfer of the Warrants or the Warrant
Shares in violation of this Section or applicable securities laws. The Company may, and may
instruct any transfer or warrant agent for the Company to, place such stop transfer orders as may
be required on the transfer books of the Company in order to ensure compliance with the provisions
of this Section and applicable securities laws.

               (g) For the avoidance of doubt, after the second anniversary of the Issue Date, the Holder
shall not be restricted in any manner from entering into any swap, hedge, forward contract or other
arrangement that transfers, in whole or in part, any of the economic consequences of ownership of
the Warrants, or of the shares of Warrant Shares issuable upon exercise thereof, to a third party.

     Section 4. Taxes. The issuance of certificates for Warrant Shares upon the exercise
of the rights represented by this Warrant will be made without charge to the Holder for any
issuance tax in respect thereof; provided, however, that the Company shall not be
required to pay

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any tax which may be payable in respect of any transfer involved in the issuance
and delivery of any certificate in a name other than that of the Holder.

     Section 5. Mutilated or Missing Warrant. If this Warrant shall be mutilated, lost,
stolen or destroyed and the Company shall receive evidence thereof and (except with respect to
mutilated Warrants returned to the Company) indemnity reasonably satisfactory to it, then the
Company shall issue and deliver in exchange and substitution for and upon cancellation of the
mutilated Warrant, or in lieu of and substitution for the Warrant lost, stolen or destroyed, a new
Warrant of like tenor and representing an equivalent right or interest. An applicant for such a
substitute Warrant shall comply with such other reasonable requirements and pay such reasonable
charges as the Company may prescribe, including, without limitation, the execution and delivery of
a lost Warrant affidavit and indemnification agreement in a form reasonably satisfactory to the
Company and its counsel.

     Section 6. No Rights as Stockholder. Except as provided in Section 1.2(d), nothing
contained in this Warrant shall be construed as conferring upon the Holder the right to vote or to
receive dividends or to consent or to receive notice as stockholders in respect of any meeting of
stockholders for the election of directors of the Company or any other matter, or any rights
whatsoever as stockholders of the Company.

     Section 7. Notices. All notices and other communications required or permitted to be
given with respect to the Warrant shall be in writing signed by the sender, and shall be considered
given: (w) on the date delivered, if personally delivered during normal business hours, or on the
next Business Day if delivered after normal business hours of the recipient; (x) on the date sent
by telecopier with automatic confirmation of the transmitting machine showing the proper number of
pages were transmitted without error, if sent during normal business hours of the recipient, or on
the next Business Day if sent after normal business hours; (y) on the Business Day after being sent
by Federal Express or another recognized overnight delivery service in time for and specifying next
day or next business day delivery; or (z) five (5) Business Days after mailing, if mailed by United
States postage-paid certified or registered mail, return receipt requested, in each instance
referred to in the preceding clauses (y) and (z) only if all delivery charges are pre-paid. Each
such notice or other communication shall be given to the Holder at the address in a Warrant
register to be created and maintained by the Company and to the Company at its principal executive
offices.

     Section 8. No Waivers; Remedies; No Impairment. Prior to the Expiration Date, no
failure or delay by the Holder in exercising any right, power or privilege with respect to the
Warrant shall operate as a waiver of the right, power or privilege. A single or partial exercise
of any right, power or privilege shall not preclude any other or further exercise of the right,
power or privilege or the exercise of any other right, power or privilege. The rights and remedies
provided in the Warrant shall be cumulative and not exclusive of any rights or remedies provided by
law. The Company will not, by amendment of its charter or by-laws or through any other means,
directly or indirectly, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant and will at all time in good faith assist in the carrying out of all
such terms and in the taking of all such actions as may be necessary or appropriate in order to
protect the rights of the Holder against impairment.

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     Section 9. Amendments. No amendment, modification, termination or waiver of any
provision of the Warrant, and no consent to any departure from any provision of the Warrant, shall
be effective unless it shall be in writing and signed and delivered by the Company and the Holder,
and then it shall be effective only in the specific instance and for the specific purpose for which
it is given.

     Section 10. Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of New York that apply to contracts made and performed
entirely within such state.

     Section 11. Severability of Provisions: Successors. Any provision of this Warrant
that is prohibited or unenforceable in any jurisdiction shall, as to that jurisdiction, be
ineffective to the extent of the prohibition or unenforceability without invalidating the remaining
provisions of the Warrant or affecting the validity or enforceability of the provision in any other
jurisdiction. This Warrant shall be binding upon any entity succeeding the Company by merger,
consolidation or otherwise. All of the covenants and agreements of the Company shall inure to the
benefit of successors and permitted assigns of the Holder.

     Section 12. Titles and Subtitles; Section References. The titles and subtitles used
in this Warrant are used for convenience only and are not to be considered in construing or
interpreting this Warrant. Unless otherwise stated, references to Sections and Annexes are to the
Sections and Annexes of this Warrant.

     Section 13. Purchase Agreement; Registration Rights Agreement. The Company will
provide any Holder with a copy of the Purchase Agreement or Registration Rights Agreement upon
request.

     Section 14. Definitions. For purposes of this Warrant, the following terms have the
following meanings:

               (a) “Affiliate” means any Person controlling, controlled by or under common control with any
other Person. For purposes of this definition, “control” (including “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of such Person, whether through the ownership of
securities, partnership or other ownership interests, by contract or otherwise.

               (b) “Beneficially Own”, “Beneficially Owned” and “Beneficial Ownership” shall have the meaning
set forth in Rule 13d-3 of the rules and regulations promulgated under the Exchange Act, except
that for purposes of this Agreement the words “within sixty days” in Rule 13d-3(d)(1)(i) shall not
apply, to the effect that a Person shall be deemed to be the beneficial owner of a security if that
Person has the right to acquire beneficial ownership of such security at any time.

               (c) “Business Day” means any day excluding Saturday, Sunday and any day which is a legal
holiday under the laws of the State of New York or is a day on which banking institutions located
in such state are authorized or required by law or other governmental action to close.

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               (d) “Close of Business” means 5:00 p.m. (New York City time).

               (e) “Closing Sale Price” of the Common Stock on any date means the closing per-share sale
price (or if no closing per-share sale price is reported, the average of the last bid and ask
prices or, if more than one in either case, the average of the average last bid and the average
last ask prices) on that date as reported the principal other national or regional securities
exchange on which the shares of the Common Stock are then traded. The Closing Sale Price will be
determined without reference to after-hours or extended market trading. If the Common Stock is not
so listed for trading on the relevant date, then the “Closing Sale Price” of the Common Stock will
be the last quoted bid price for Common Stock in the over-the-counter market on the relevant date
as reported by Pink OTC Markets Inc. or a similar organization. If the Common Stock is not so
quoted, then the “Closing Sale Price” of the Common Stock will be determined by a U.S. nationally
recognized independent investment banking firm selected by the Company for this purpose.

               (f) “Issue Date” means the date on which the Warrant was originally issued or deemed issued as
set forth on the face of the Warrant.

               (g) “KKR Group” means (i) Kohlberg Kravis Roberts & Co. L.P. or its Subsidiaries
(collectively, “KKR”), (ii) any investment fund, vehicle or account which is managed by KKR or in
respect of which KKR has investment discretion (each, a “KKR Fund or Account”); provided,
that, if KKR share management or investment discretion of such investment fund, vehicle or account
with any Person that is not an Affiliate of KKR, such an investment fund, vehicle or account shall
not be included in the KKR Group for purposes of this Agreement unless the Company so agrees, such
agreement not to be unreasonably withheld, or (iii) an Affiliate of KKR or a KKR Fund or Account
(not including portfolio companies).

               (h) “Market Disruption Event” means the occurrence or existence on any Scheduled Trading Day
for the Common Stock of any suspension or limitation imposed on trading (by reason of movements in
price exceeding limits permitted by the stock exchange or otherwise) in the Common Stock or in any
options contracts or futures contracts relating to the Common Stock, and such suspension or
limitation occurs or exists at any time within the 30 minutes prior to the closing time of the
relevant exchange on such Scheduled Trading Day.

               (i) “NYSE” means The New York Stock Exchange.

               (j) “Open of Business” means 9:00 a.m. (New York City time).

               (k) “Person” means any individual, corporation, partnership, company, trust, unincorporated
organization or any other form of entity.

               (l) “Registration Rights Agreement” means the registration rights agreement of even date
herewith among the Company, the Guarantors, the Investor and the other parties thereto.

               (m) “Scheduled Trading Day” means any day that is scheduled by the applicable exchange to be a
Trading Day, provided that if the Common Stock is not listed or traded, then a “Scheduled
Trading Day” shall have the same meaning as Business Day.

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               (n) “Securities Act” means the Securities Act of 1933, as amended.

               (o) “Subsidiary” of any Person shall mean any corporation, partnership, joint venture, limited
liability company, trust or estate of which (or in which) more than fifty percent (50%) of (i) the
issued and outstanding capital stock having ordinary voting power to elect a majority of the board
of directors of such corporation (irrespective of whether at the time capital stock of any other
class or classes of such corporation shall or might have voting power upon the occurrence of any
contingency), (ii) the interest in the capital or profits of such partnership, joint venture or
limited liability company or (iii) the beneficial interest in such trust or estate is at the time
directly or indirectly owned or controlled by such Person, by such Person and one or more of its
other Subsidiaries or by one or more of such Person’s other Subsidiaries.

               (p) “Trading Day” means a day on which (i) there is no Market Disruption Event and (ii)
trading in the Company’s securities generally occurs on the NYSE, or if shares of Common Stock are
not listed on the NYSE, then as reported by the NASDAQ Stock Market or the principal other national
or regional securities exchange on which the shares of Common Stock are then traded, or if the
Common Stock is not listed or approved for trading on the NASDAQ Stock Market or another national
or regional securities exchange, on the principal market on which shares of the Common Stock are
then traded, provided that if the Common Stock is not so listed or traded, then a “Trading
Day” shall have the same meaning as Business Day.

[The next page is the signature page]

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     The Company has executed and delivered this Warrant as of the date set forth above.

	 	 	 	 	 	 	 
	 	 	EASTMAN KODAK COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

Accepted:

	 	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:
	 	 	 	 

Warrant Signature Page

(Certificate Number   )

 

NOTICE OF EXERCISE

(To Be Completed Only Upon Exercise)

			
	TO:	 	Eastman Kodak Company

343 State Street

Rochester, New York 14650

     1. The undersigned hereby irrevocably elects to exercise the Warrant with respect to
                     Warrant Shares pursuant to the terms of the Warrant.

     2. If Cash Exercise, check this box o: The undersigned tenders herewith full payment of
the aggregate cash exercise price equal to $                     U.S. Dollars for such shares in
accordance with the terms of the Warrant.

     3. If Cash Exercise and there is no effective registration statement under the Securities Act
to cover the issuance of the Warrant Shares upon such Cash Exercise, check this box o: The
undersigned hereby makes the representations and warranties set forth in Section 3.1(a), (b) and
(c) of the Purchase Agreement as if it were the “Investor” and the Warrant Shares to be issued upon
this exercise were the “Securities” (the “Private Placement Representations”).

     4. If Net-Issue Exercise, check this box o: The undersigned exercises the Warrant on a
net-issue basis pursuant to the terms set forth in the Warrant. Net-Issue Information:

	 	 	 
	     (a) Number of Warrant Shares to be Issued to Holder:

	 	 
	 

	 	 

	 	 	 
	     (b) Number of Warrant Shares Subject to Warrant Surrendered:

	 	 
	 

	 	 

	 	 	 
	     (c) Number of Warrant Shares Remaining Subject to Warrant, if any:

	 	 
	 

	 	 

     5. Please issue a certificate or certificates representing said Warrant Shares in such name or
names as specified below:

 

(Name and Address)

 

 

	 	 	 	 	 	 
	Determination Date: 

	 	 	By:
	 	 
	 

	 	 	 	 	 

(Signature must conform in all respects to name of the Holder as set forth on the face of the Warrant)

 

NOTICE OF TRANSFER

(To Be Completed Only Upon Transfer)

			
	TO:	 	Eastman Kodak Company

343 State Street

Rochester, New York 14650

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                         the right represented by this Warrant, to purchase
                                         Warrant Shares.

     Please issue a Warrant representing the right to purchase such Warrant Shares in such name or
names as specified below:

 

(Name and Address)

 

 

     The undersigned requests the Company, by written order to exchange or register the transfer of
a Warrant or Warrants, and, to the extent the transfer contemplated by this notice is not for the
entire number of Warrant Shares represented by this Warrant, to issue a replacement Warrant in the
name of the undersigned representing the balance of such Warrant Shares.

     By executing and delivering this Notice of Transfer, the undersigned represents and warrants
that transfer contemplated hereby is being made in accordance with Section 3 of this Warrant.

	 	 	 	 	 
	Dated: 

	 	 	By: 
	 
	 

	 	 	 	 

(Signature must conform in all respects to name of the Holder as set forth on the face of the Warrant)

 

ANNEX A

Anti-Dilution Adjustments

     Section 1.01 Adjustment for Change in Capital Stock. If, after the Issue Date of the Warrant, the
Company:

     (a) pays a dividend or makes a distribution payable exclusively in shares of Common Stock on
all or substantially all shares of the Company’s Common Stock;

     (b) subdivides the outstanding shares of Common Stock into a greater number of shares; or

     (c) combines the outstanding shares of Common Stock into a smaller number of shares;

then the Exercise Price will be decreased (or increased with respect to an event in clause (c))
based on the following formula:

where,

	 	 	 
	R’ =

	 	the Exercise Price in effect immediately after the Open of Business
on the record date for such dividend or distribution, or
immediately after the Open of Business on the effective date of
such subdivision or combination, as the case may be;
	 
	 	 
	R =

	 	the Exercise Price in effect immediately prior to the Open of
Business on the record date for such dividend or distribution, or
immediately prior to the Open of Business on the effective date of
such subdivision or combination, as the case may be;
	 
	 	 
	OS’=

	 	the number of shares of Common Stock outstanding immediately prior
to the Open of Business on the record date for such dividend or
distribution, or immediately prior to the Open of Business on the
effective date of such subdivision or combination, as the case may
be; and
	 
	 	 
	OS =

	 	the number of shares of Common Stock outstanding immediately after
the Open of Business on the record date for such dividend or
distribution, or immediately after the Open of Business on the
effective date of such subdivision or combination, as the case may
be.

     Such adjustment shall become effective immediately after the Open of Business on the record
date for such dividend or distribution, or the effective date for such subdivision or combination,
as the case may be. If any dividend or distribution of the type described in this Section 1.01 is
declared but not so paid or made, or the outstanding shares of Common Stock are not split or
combined, as the case may be, the Exercise Price shall be immediately readjusted, effective as of
the date the Company’s board of directors or a duly appointed committee thereof
(the “Board of Directors”) determines not to pay such dividend or distribution, or split or

A-1

 

combine the outstanding shares of Common Stock, as the case may be, to the Exercise Price that
would then be in effect if such dividend, distribution, share split or share combination had not
been declared or announced.

     Section 1.02 Adjustment for Rights Issue. If, after the Issue Date of the Warrant, the Company distributes any rights, options or
warrants (other than pursuant to a Shareholders’ Rights Plan (defined below)) to all or
substantially all holders of the Company’s Common Stock entitling them to purchase (for a period
not more than 45 days from the record date for such distribution) shares of Common Stock at a price
per share less than the average of the Closing Sale Prices of the Common Stock for the 10
consecutive Trading Day period ending on, and including the Trading Day immediately preceding the
record date for such distribution, the Exercise Price shall be decreased in accordance with the
formula:

where:

	 	 	 
	R’ =

	 	the Exercise Price in effect immediately after the Open of Business
on the record date for such distribution;
	 
	 	 
	R =

	 	the Exercise Price in effect immediately prior to the Open of
Business on the record date for such distribution;
	 
	 	 
	O =

	 	the number of shares of Common Stock outstanding immediately prior
to the Open of Business on the record date for such distribution;
	 
	 	 
	N =

	 	the number of additional shares of Common Stock issuable pursuant
to such rights, options or warrants;
	 
	 	 
	P =

	 	the per-share offering price payable to exercise such rights,
options or warrants for the additional shares plus the per-share
consideration (if any) the Company receives for such rights,
options or warrants; and
	 
	 	 
	M =

	 	the average of the Closing Sale Prices of the Common Stock for the
10 consecutive Trading Day period ending on, and including, the
Trading Day immediately preceding the record date with respect to
the distribution.

     Such adjustment shall be successively made whenever any such rights, options or warrants are
distributed and shall become effective immediately after the Open of Business on the record date
for such distribution. To the extent that shares of the Common Stock are not delivered after the
expiration of such rights, options or warrants, the Exercise Price shall be increased to the
Exercise Price that would then be in effect had the adjustments made upon the
issuance of such rights, options or warrants been made on the basis of delivery of only the
number of shares of Common Stock actually delivered. If such rights, options or warrants are

A-2

 

not
so issued, the Exercise Price shall be increased promptly to be the Exercise Price that would then
be in effect if such record date for such distribution had not been fixed.

     For purposes of this Section 1.02, in determining whether any rights, options or warrants
entitle the holders to subscribe for or purchase Common Stock at less than the average of the
Closing Sale Prices of Common Stock for each Trading Day in the applicable 10 consecutive Trading
Day period, there shall be taken into account any consideration received by the Company for such
rights, options or warrants and any amount payable on exercise thereof, the value of such
consideration, if other than cash, to be determined by the Board of Directors.

     Section 1.03 Adjustment for Other Distributions. If, after the Issue Date of the Warrant, the Company distributes to all or substantially
all holders of its Common Stock any of its debt or other assets or property (including cash,
rights, options or warrants to acquire capital stock of the Company or other securities, but
excluding (a) dividends or distributions (including subdivisions) referred to in Section 1.01 and
distributions of rights, warrants or options referred to in Section 1.02, (b) rights issued to all
holders of Common Stock pursuant to a Shareholders’ Rights Plan, where such rights are not
presently exercisable, continue to trade with Common Stock and holders will receive such rights
together with Common Stock upon exercise of the Warrant), (c) dividends or other distributions paid
exclusively in cash (to which Section 1.04 shall apply) and (d) any Spin-off to which the
provisions set forth below in this Section 1.03 shall apply) (“Distributed Property”), the Exercise
Price shall be decreased, in accordance with the formula:

where:

	 	 	 
	R’ =

	 	the Exercise Price in effect immediately after the Open of Business
on the record date for such distribution;
	 
	 	 
	R =

	 	the Exercise Price in effect immediately prior to the Open of
Business on the record date for such distribution;
	 
	 	 
	M =

	 	the average of the Closing Sale Prices of Common Stock for the 10
consecutive Trading Day period ending on, and including, the record
date for such distribution; and
	 
	 	 
	F =

	 	the fair market value, as determined by the Board of Directors, of
the portion of the Distributed Property to be distributed in
respect of each share of Common Stock immediately as of the Open of
Business on the record date for such distribution.

     Such adjustment shall become effective immediately prior to the Open of Business on the record
date for such distribution. Notwithstanding the foregoing, if “F” as set forth above is equal to
or greater than “M” as set forth above, in lieu of the foregoing adjustment, the Holder shall
receive, at the same time and up on the same terms as holders of Common Stock, the
amount and kind of Distributed Property the Holder would have received had the Holder owned a
number of shares of Common Stock issued upon such exercise immediately prior to the record date for
such distribution. If such distribution is not so paid or made, the Exercise Price shall

A-3

 

again be
adjusted to be the Exercise Price that would then be in effect if such dividend or distribution had
not been declared. If the Board of Directors or a committee thereof determines “F” for purposes of
this Section 1.03 by reference to the actual or when issued trading market for any Common Stock, it
must in doing so consider the prices in such market over the same period used in computing the
Closing Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and
including, the record date for such distribution.

     With respect to an adjustment pursuant to this Section 1.03 where there has been a payment of
a dividend or other distribution on the Common Stock in shares of capital stock of any class or
series, or similar equity interest, of or relating to a Subsidiary or other business unit, where
such capital stock or similar equity interest is listed or quoted (or will be listed or quoted upon
consummation of the Spin-off) on a national securities exchange or reasonably comparable non-U.S.
equivalent, which is referred to herein as a “Spin-off,” the Exercise Price will be decreased based
on the following formula:

	 	 	 
	R’ =

	 	the Exercise Price in effect immediately after the end of the Valuation Period (as defined below);
	 
	 	 
	R =

	 	the Exercise Price in effect immediately prior to the end of the Valuation Period;
	 
	 	 
	F =

	 	the average of the Closing Sale Prices of the capital stock or similar equity interest distributed to holders of the
Common Stock applicable to one share of the Common Stock over the first 10 consecutive Trading Day period immediately
following, and including, the effective date for the Spin-off (such period, the “Valuation Period”); and
	 
	 	 
	MP =

	 	the average of the Closing Sale Prices of the Common Stock over the Valuation Period.

     The adjustment to the Exercise Price under the preceding paragraph of this Section 1.03 will
be made immediately after the Close of Business on the last day of the Valuation Period, but will
be given effect as of the Open of Business on the effective date for the Spin-off. For purposes of
determining the Exercise Price in respect of any exercise during the 10 Trading Days commencing on
the effective date for any Spin-off, references within the portion of this Section 1.03 related to
“Spin-offs” to 10 consecutive Trading Days shall be deemed replaced with such lesser number of
Trading Days as have elapsed from, and including, the effective date for such Spin-off to, but
excluding, the relevant Determination Date.

     For purposes of this Section 1.03, in determining whether any rights, options or warrants
entitle the holders to subscribe for or purchase shares of the Common Stock at less than the
average of the Closing Sale Prices of the Common Stock for each Trading Day in the applicable 10
consecutive Trading Day period, there shall be taken into account any consideration received by the
Company for such rights, options or warrants and any amount payable on exercise or
conversion thereof, the value of such consideration, if other than cash, to be determined by
the Board of Directors.

A-4

 

     If, prior to a Determination Date, a record date for a Spin-off has been set but the relevant
dividend or distribution has not yet resulted in an adjustment to the Exercise Price and an
exercising Holder is not entitled to participate in the dividend or distribution with respect to
the shares of Common Stock the Holder receives upon exercise (whether because the Holder was not a
holder of such shares of Common Stock on the effective date for such dividend or distribution or
otherwise), then as promptly as practicable following the Determination Date, the Company will
deliver to the Holder a number of additional shares of Common Stock that reflects the increase to
the number of Warrant Shares deliverable as a result of the Spin-off.

     Section 1.04 Adjustment for Cash Distributions. If, after the Issue Date of the Warrant, the Company makes a distribution to all or
substantially all holders of its Common Stock consisting exclusively of cash, the Exercise Price
shall be adjusted in accordance with the formula:

	 	 	 
	R’ =

	 	the Exercise Price in effect immediately after the Open of Business on the record date for such distribution;
	 
	 	 
	R =

	 	the Exercise Price in effect immediately prior to the Open of Business on the record date for such distribution;
	 
	 	 
	SP =

	 	the average of the Closing Sale Prices of Common Stock over the 10 consecutive Trading Day period ending on, and
including, the Trading Day immediately preceding the record date for such distribution; and
	 
	 	 
	C =

	 	the amount in cash per share the Company distributes to holders of Common Stock.

     The adjustment shall become effective immediately after the Open of Business on the record
date with respect to the distribution.

     Notwithstanding the foregoing, if “C” as set forth above is equal to or greater than “SP” as
set forth above, in lieu of the foregoing adjustment, adequate provision shall be made so that the
Holder shall have the right to receive on the date on which the relevant cash dividend or
distribution is distributed to holders of Common Stock, the amount of cash the Holder would have
received had the Holder owned a number of shares exercisable from the Exercise Price on the record
date for such distribution. If such dividend or distribution is not so paid or made, the Exercise
Price shall again be adjusted to be the Exercise Price that would then be in effect if such
dividend or distribution had not been declared.

     Section 1.05 Adjustment for Company Tender Offer. If, after the Issue Date of the Warrant, the Company or any Subsidiary makes a payment to
holders of the shares of Common Stock in respect of a tender or exchange offer, other than an
odd-lot offer, by the Company or any of its Subsidiaries for shares of Common Stock, to the extent
that the cash and value of any other consideration included in the payment per share of Common
Stock exceeds the average of the Closing Sale Prices over the 10 consecutive Trading Day period
commencing on, and

A-5

 

including the Trading Day immediately following the last date on which tenders
or exchanges may be made pursuant to such tender or exchange offer (the “Expiration Date”), the
Exercise Price shall be decreased based on the following formula:

	 	 	 
	R’ =

	 	the Exercise Price in effect immediately after the Open of Business
on the Trading Day immediately following the Expiration Date;
	 
	 	 
	R =

	 	the Exercise Price in effect immediately prior to the Open of
Business on the Trading Day immediately following the Expiration
Date;
	 
	 	 
	F =

	 	the aggregate fair market value, as determined by the Board of
Directors, of all cash and other consideration payable in such tender
or exchange offer for shares purchased in such tender or exchange
offer, such value to be measured as of the expiration time of the
tender or exchange offer (the “Expiration Time”);
	 
	 	 
	OS =

	 	the number of shares of Common Stock outstanding immediately prior to
the Expiration Time (prior to giving effect to such tender offer or
exchange offer);
	 
	 	 
	OS’=

	 	the number of shares of Common Stock outstanding immediately after
the Expiration Time (after giving effect to such tender offer or
exchange offer); and
	 
	 	 
	SP =

	 	the average of the Closing Sale Prices of Common Stock over the 10
consecutive Trading Day period commencing on, and including, the
Trading Day immediately following the Expiration Date.

     The adjustment to the Exercise Price under this Section 1.05 will be made immediately after
the Open of Business on the 11th Trading Day following the Expiration Date but will be
given effect at the Open of Business on the Trading Day following the Expiration Date. For
purposes of determining the Exercise Price, in respect of any exercise during the 10 Trading Days
commencing on the Trading Day immediately following the Expiration Date, references within this
Section 1.05 to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as
have elapsed from, and including, the Trading Day following the Expiration Time to, but excluding,
the relevant Determination Date.

     Section 1.06 Adjustment to Exercise Price Upon Certain Transactions. If, after the Issue Date, a Make Whole Adjustment Event (as defined below) occurs, and if a
Holder elects to exercise this Warrant in connection with such Make Whole Adjustment
Event (any exercise during the period beginning with, and including, the Effective Date (as
defined below) to, and including, the 30th Scheduled Trading Day immediately following the
Effective Date will be deemed to be “in connection with” such Make Whole Adjustment Event), the
Company will decrease the Exercise Price by an amount (the “Make Whole Decrease”) described in this
Section 1.06.

A-6

 

     For purposes of this Section, a “Make Whole Adjustment Event” shall be deemed to have occurred
at such time after the Issue Date that any of the following events shall occur:

     (i) any Person becomes a Beneficial Owner (as defined below), directly or indirectly, through
a purchase, merger or other acquisition transaction or series of transactions, of shares of the
Company’s Capital Stock (as defined below) entitling the Person to exercise more than 50% of the
total voting power of all shares of the Company’s Capital Stock that are entitled to vote generally
in elections of directors, other than an acquisition by the Company or any of its Subsidiaries or
employee benefit plans;

     (ii) the Company merges or consolidates with or into any other Person (other than a
Subsidiary), any merger of another Person into the Company, or the Company conveys, sells,
transfers or leases all or substantially all of its assets to another Person (other than a
Subsidiary), other than any transaction: (A) involving a merger or consolidation that does not
result in any reclassification, conversion, exchange or cancellation of the Company’s outstanding
shares of Common Stock, or (B) which is effected solely to change the Company’s jurisdiction of
incorporation and results in a reclassification, conversion or exchange of outstanding shares of
Common Stock solely into shares of common stock of the surviving entity;

     (iii) the Company’s stockholders approve any plan or proposal for the Company’s liquidation or
dissolution; or

     (iv) a Termination of Trading (as defined below);

provided, however, that a Make Whole Adjustment Event shall not be deemed to have
occurred if at least 90% of the consideration (excluding cash payments for fractional shares and
cash payments made pursuant to dissenters’ appraisal rights) in a merger or consolidation otherwise
constituting a Make Whole Adjustment Event under clause (i) and/or clause (ii) above consists of
shares of common stock or American Depositary Receipts traded, in each case, on a U.S. national
securities exchange, or will be so traded immediately following the merger or consolidation, and as
a result of the merger or consolidation this Warrant becomes convertible into such consideration.

     For purposes of this Section, (x) whether a Person is a “Beneficial Owner” shall be determined
in accordance with Rule 13d–3 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and (y) “Person” includes any syndicate or group that would be deemed to be a “person” under
Section 13(d)(3) of the Exchange Act.

     For purposes of this Section, “Capital Stock” for any entity means any and all shares,
interests, rights to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) stock issued by that corporation.

     For purposes of this Section, “Termination of Trading” means the Common Stock (or other common
stock into which this Warrant is then exercisable for) is neither listed nor approved for trading
on a U.S. national securities exchange.

     The Company shall provide the Holder not later than the Effective Date a notice describing the
Make Whole Adjustment Event and the amount of the Make Whole Decrease.

A-7

 

     The amount of the Make Whole Decrease will be determined by reference to the table below and
is based on the date on which such Make Whole Adjustment Event transaction occurs or becomes
effective (the “Effective Date”) and the price (the “Share Price”) paid per share of Common Stock
in such Make Whole Adjustment Event. If the holders of Common Stock receive only cash in the Make
Whole Adjustment Event described in clause (ii) of the definition of Make Whole Adjustment Event,
the Share Price shall be the cash amount paid per share of Common Stock. Otherwise, the Share
Price shall be the average of the Closing Sale Prices of the Common Stock on the ten consecutive
Trading Days up to but excluding the Effective Date.

     The table below sets forth the Share Price paid per share for Common Stock in the Make Whole
Adjustment Event and the amount of the Make Whole Decrease. The Share Prices set forth in the
Share Price column of the table will be adjusted as of any date on which the Exercise Price is
adjusted. The adjusted Share Prices will equal the Share Prices applicable immediately prior to
such adjustment, multiplied by a fraction, the numerator of which is the applicable Exercise Price
as so adjusted and the denominator of which is the Exercise Price immediately prior to the
adjustment giving rise to the Share Price adjustment.

Stock Price

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Effective Date	 	$2.50	 	$3.50	 	$4.50	 	$5.50	 	$6.50	 	$7.50	 	$10.00	 	$12.50	 	$15.00	 	$17.50	 	$20.00
	September 29, 2009
	 	$	(3.86	)	 	$	(3.50	)	 	$	(3.23	)	 	$	(3.01	)	 	$	(2.83	)	 	$	(2.68	)	 	$	(2.40	)	 	$	(2.20	)	 	$	(2.06	)	 	$	(1.95	)	 	$	(1.86	)
	September 29, 2010
	 	$	(3.75	)	 	$	(3.36	)	 	$	(3.05	)	 	$	(2.81	)	 	$	(2.62	)	 	$	(2.46	)	 	$	(2.16	)	 	$	(1.95	)	 	$	(1.80	)	 	$	(1.69	)	 	$	(1.60	)
	September 29, 2011
	 	$	(3.63	)	 	$	(3.20	)	 	$	(2.86	)	 	$	(2.60	)	 	$	(2.39	)	 	$	(2.21	)	 	$	(1.89	)	 	$	(1.68	)	 	$	(1.52	)	 	$	(1.41	)	 	$	(1.33	)
	September 29, 2012
	 	$	(3.51	)	 	$	(3.02	)	 	$	(2.65	)	 	$	(2.36	)	 	$	(2.12	)	 	$	(1.94	)	 	$	(1.60	)	 	$	(1.37	)	 	$	(1.22	)	 	$	(1.11	)	 	$	(1.04	)
	September 29, 2013
	 	$	(3.38	)	 	$	(2.84	)	 	$	(2.42	)	 	$	(2.09	)	 	$	(1.83	)	 	$	(1.63	)	 	$	(1.27	)	 	$	(1.05	)	 	$	(0.91	)	 	$	(0.81	)	 	$	(0.74	)
	September 29, 2014
	 	$	(3.25	)	 	$	(2.63	)	 	$	(2.15	)	 	$	(1.78	)	 	$	(1.50	)	 	$	(1.28	)	 	$	(0.91	)	 	$	(0.70	)	 	$	(0.58	)	 	$	(0.49	)	 	$	(0.44	)
	September 29, 2015
	 	$	(3.13	)	 	$	(2.40	)	 	$	(1.85	)	 	$	(1.43	)	 	$	(1.12	)	 	$	(0.89	)	 	$	(0.53	)	 	$	(0.36	)	 	$	(0.27	)	 	$	(0.22	)	 	$	(0.19	)
	September 29, 2016
	 	$	(3.03	)	 	$	(2.16	)	 	$	(1.48	)	 	$	(0.99	)	 	$	(0.66	)	 	$	(0.44	)	 	$	(0.17	)	 	$	(0.08	)	 	$	(0.05	)	 	$	(0.04	)	 	$	(0.04	)
	September 29, 2017
	 	$	(3.00	)	 	$	(2.00	)	 	$	(1.00	)	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 	 	$	0.00	 

     If the exact Share Prices and Effective Dates are not set forth in the table, then: (i) if
the Share Price is between two Share Price amounts in the table or the Effective Date is between
two dates in the table, the Make Whole Decrease upon exercise of this Warrant will be determined by
a straight-line interpolation between the amount of the Make Whole Decrease set forth for the
higher and lower Share Price amounts and the two Effective Dates in the table, based on a 365-day
year; (ii) if the Share Price exceeds $20.00 per share, subject to adjustment as set forth herein,
no Make Whole Decrease will be made; and (iii) if the Share Price is less than $2.50 per share,
subject to adjustment as set forth herein, no Make Whole Decrease will be made.

     Section 1.07 When No Adjustment Required. No adjustment need be made as a result of:

     (a) the issuance of the rights pursuant to the Company’s adoption of a stockholders rights
plan that provides that each share of Common Stock issued upon exercise of the Warrant at any time
prior to the distribution of separate certificates representing rights will be entitled to receive
the right (a “Stockholder Rights Plan”);

     (b) the distribution of separate certificates representing the rights under a Stockholder
Rights Plan;

A-8

 

     (c) the exercise or redemption of the rights in accordance with any rights agreement under a
Stockholder Rights Plan;

     (d) the termination or invalidation of the rights under a Stockholder Rights Plan;

     (e) upon the issuance of any shares of Common Stock pursuant to any present or future plan
providing for the reinvestment of dividends or interest payable on securities of the Company and
the investment of additional optional amounts in Common Stock under any plan;

     (f) upon the issuance of any shares of Common Stock or options or rights to purchase or be
issued those shares pursuant to any present or future employee, director or consultant benefit plan
or program of, or assumed by, the Company or any of its Subsidiaries;

     (g) ordinary course of business stock repurchases, including structured or derivative
transactions pursuant to a stock repurchase program approved by the Board of Directors (but, for
the avoidance of doubt, excluding transactions described in Section 1.05);

     (h) upon the issuance of any shares of Common Stock or any securities convertible into, or
exchangeable for shares of Common Stock, or the right to purchase shares of Common Stock or such
convertible or exchangeable securities other than as described in Sections 1.02 or 1.03; or

     (i) for a change in the par value of Common Stock.

     If any event described in Section 1.07 (a) through (d) occurs, the Holder will receive the
rights upon exercise, unless, prior to any exercise, the rights have separated from the Common
Stock. If the rights have separated, the Exercise Price will be decreased at the time of
separation as provided by Section 1.02 or 1.03, as applicable, subject to readjustment in the event
of expiration, termination or redemption of such rights.

     Notwithstanding the foregoing, no adjustment need be made to the Exercise Price pursuant to
Section 1.01, 1.02, 1.03, 1.04 or 1.05 if the Holder participates (as a result of holding this
Warrant, and at the same time as Common Stock holders participate), subject to notice of such
participation to the Holder, in the transaction that would otherwise trigger the applicable
adjustment, as if the Holder held a number of shares of Common Stock issuable upon exercise of this
Warrant. No adjustment need be made if the Common Stock to be issued upon exercise will actually
receive the consideration provided in, or be subject to, the transaction that would otherwise
trigger the adjustment.

     Section 1.08 Effect of Reclassification, Consolidation, Merger or Sale.

     (a) Upon the occurrence of (i) any reclassification of the outstanding shares of Common Stock
(other than a change in par value, or from par value to no par value, or from no par value to par
value, or as a result of a split, subdivision or combination covered by Section 1.01), (ii) any
consolidation, merger, sale of all or substantially all of the Company’s assets (other than a sale
of all or substantially all of the assets of the Company in a transaction in which the holders of
Common Stock immediately prior to such transaction do not receive securities, cash or other assets
of the Company or any other Person), (iii) a binding share exchange which

A-9

 

reclassifies or changes
the outstanding shares of Common Stock, or (iv) any sale or conveyance of all or substantially all
of the property and assets of the Company to any other Person, in each case as a result of which
the holders of Common Stock shall be entitled to receive cash, securities or other property or
assets with respect to or in exchange for such Common Stock (any such event, a “Merger Event”),
then at the effective time of the Merger Event, the right to exercise this Warrant will be changed
into a right to exercise this Warrant into the type and amount of shares of stock, other securities
or other property or assets (including cash or any combination thereof) that a holder of a number
of shares of Common Stock issuable upon exercise of this Warrant immediately prior to such Merger
Event would have owned or been entitled to receive (the “Reference Property”) upon such Merger
Event. If the Merger event causes the Common Stock to be converted into, or exchanged for, the
right to receive more than a single type of consideration (determined based in part upon any for of
stockholder election), the Reference Property to be received upon exercise will be deemed to be the
weighted average of the types and amounts of Reference Property to be received by the holders of
Common Stock that affirmatively make such election).

     (b) If the Company consummates a Merger Event, the Company shall promptly provide notice to
the Holder briefly describing the Merger Event and stating the type or amount of cash, securities,
property or other assets that will comprise the Reference Property after any such Merger Event and
any adjustment to be made with respect thereto.

     (c) The above provisions of this Section shall similarly apply to successive Merger Events.

     Section 1.09 Simultaneous Adjustments. In the event that this Annex A requires adjustments to the Exercise Price under more than
one of Sections 1.01, 1.02, 1.03 or 1.04, and the record dates (or, in the case of a Spin-off, the
effective date of such a Spin-off) for the distributions giving rise to such adjustments shall
occur on the same date, then such adjustments shall be made by applying, first, the provisions of
Section 1.01, second, the provisions of Section 1.03, third, the provisions of Section 1.04 and,
fourth, the provisions of Section 1.02.

     Section 1.10 Successive Adjustments. After an adjustment to the Exercise Price under this Annex A, any subsequent event
requiring an adjustment under this Annex A shall cause an adjustment to the Exercise Price as so
adjusted.

     Section 1.11 Limitation on Adjustments. The Company shall not take any action that would result in an adjustment pursuant to the
foregoing provisions in this Annex A if that adjustment would reduce the Exercise Price below the
then par value of the shares of Common Stock issuable upon exercise of the Warrant. In no event
will the Exercise Price be increased other than as a result of a transaction described in Section
1.01(c).

     Section 1.12 Adjustment of Number of Warrant Shares. Upon each adjustment of the Exercise Price pursuant to this Annex A, each Warrant
outstanding prior to the making of the adjustment in the Exercise Price shall thereafter evidence
the right to receive upon payment of the adjusted Exercise Price that number of shares of Common
Stock (calculated to the nearest hundredth) obtained from the following formula:

A-10

 

N’
= N × (E / E’)

where:

	 	 	 
	N’ =

	 	the adjusted number of Warrant Shares
issuable upon exercise of a Warrant by
payment of the adjusted Exercise Price.
	 
	 	 
	N =

	 	the number of Warrant Shares previously
issuable upon exercise of a Warrant by
payment of the Exercise Price prior to
adjustment.
	 
	 	 
	E’ =

	 	the adjusted Exercise Price.
	 
	 	 
	E =

	 	the Exercise Price prior to adjustment.

     Section 1.13 No Avoidance. If the Company shall enter into any transaction for the purpose of avoiding the provisions
of this Annex A, the benefits provided by such provisions shall nevertheless apply and be
preserved.

     Section 1.14 Notices.

     (a) Promptly after any adjustment of the Exercise Price or the number of Warrant Shares
issuable hereunder, the Company shall give written notice thereof to the Holder, setting forth in
reasonable detail the calculation of such adjustment.

     (b) The Company shall give written notice to the Holder at least five (5) Business Days prior
to the date on which the Company (I) closes its books or takes a record (a) with respect to any
dividend or distribution on the Common Stock, (b) with respect to any pro rata subscription offer
to holders of Common Stock, (c) with respect to any pro rata redemption or similar offer to holders
of the Common Stock or (d) for determining rights to vote with respect to
any Merger Event, dissolution or liquidation or (II) enters into any transaction that will
result in an adjustment of the Exercise Price or the number of Warrant Shares issuable hereunder.

A-11exv10w3

Exhibit 10.3

REGISTRATION RIGHTS AGREEMENT

          This Registration Rights Agreement (this “Agreement”) is made and entered into as of September
29, 2009, by and among Eastman Kodak Company, a New Jersey corporation (the “Company”), the
guarantors party to this Agreement (the “Guarantors”), KKR Jet Stream (Cayman) Limited (the
“Original Investor”), 8 North America Investor (Cayman) Limited, a Cayman Islands exempted limited
company (“8NAI”), OPERF Co-Investment LLC, a Delaware limited liability company (“OPERF”), and KKR
Jet Stream LLC, a Delaware limited liability company (“Jet Stream” and, together with 8NAI and
OPERF, the “New Investors” and, the New Investors together with the Original Investor, the
“Investors”).

          WHEREAS, the Investors have, pursuant to (i) that certain Note and Warrant Purchase Agreement,
dated as of September 16, 2009, between the Company and the Investor (the “Purchase Agreement”),
(ii) that certain Assignment and Assumption Agreement, dated as of September 29, 2009, among the
Investors (the “Assignment Agreement”) and (iii) that certain Joinder Agreement, dated as of
September 29, 2009, among the New Investors and the Company (the “Joinder Agreement”), agreed to
purchase the Company’s 10.50% Senior Secured Notes due 2017 (the “Notes”) and the associated
guarantees;

          WHEREAS, the Investors have, pursuant to the Purchase Agreement, Assignment Agreement and
Joinder Agreement, agreed to purchase warrants (the “Warrants”) to purchase an aggregate of
40,000,000 shares (the “Warrant Shares”) of common stock, $2.50 par value per share, of the Company
(the “Common Stock”); and

          WHEREAS, it is a condition to the closing (the “Closing”) of the transactions contemplated by
the Purchase Agreement that the Company, the Guarantors and the Investors enter into this Agreement
at or prior to the Closing in order to grant the Investors certain registration rights as set forth
herein.

          NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the Company, the Guarantors and the Investors agree as follows:

     1. Definitions. Capitalized terms used and not otherwise defined herein that are
defined in the Purchase Agreement shall have the meanings given such terms in the Purchase
Agreement. As used in this Agreement, the following terms shall have the respective meanings set
forth in this Section 1:

          “Affiliate” of any Person shall mean any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such Person. For purposes of this
definition, “control” when used with respect to any Person has the meaning specified in Rule 12b-2
under the Exchange Act; and the terms “controlling” and “controlled” have meanings correlative to
the foregoing.

          “Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as
defined under Rule 405.

1

 

          “Business Day” means a day that is a Monday, Tuesday, Wednesday, Thursday or Friday and is not
a day on which banking institutions in New York, New York generally are authorized or obligated by
law, regulation or executive order to close.

          “Commission” means the Securities and Exchange Commission or any other federal agency then
administering the Securities Act or Exchange Act.

          “Effective Date” means the time and date that the Registration Statement filed pursuant to
Section 2(a) is first declared effective by the Commission or otherwise becomes effective.

          “Effectiveness Date” means:

          (a) with respect to the initial Registration Statement required to be filed to cover
the resale by the Holders of the Registrable Securities, (i) the date such Registration
Statement is filed, if the Company is a WKSI as of such date, or (ii) if the Company is not
a WKSI as of the date such Registration Statement is filed, the 90th day following the
Closing; and

          (b) with respect to any additional Registration Statements that may be required
pursuant to Section 2(a) hereof, (i) if the Company is a WKSI, the date such additional
Registration Statement is filed or (ii) if the Company is not a WKSI, the earlier of: (x)
the 90th day following the date on which the Company first knows, or reasonably should have
known, that such additional Registration Statement is required under such Section and (y)
the fifth Trading Day following the date on which the Company is notified by the Commission
that such additional Registration Statement will not be reviewed or is no longer subject to
further review and comments.

          “Effectiveness Period” has the meaning set forth in Section 2(a).

          “Electing Holders” means (i) if KKR Holders collectively hold a majority of the then
outstanding Registrable Securities, one or more KKR Holders that hold no less than a majority of
the Registrable Securities then held by KKR Holders or (ii) if KKR Holders collectively do not hold
a majority of the then outstanding Registrable Securities, the Holder or Holders (as applicable) of
no less than a majority of the then outstanding Registrable Securities.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          “Filing Date” means:

          (a) with respect to the initial Registration Statement required to be filed to cover
the resale by the Holders of the Registrable Securities, the 30th day following the Closing;
and

          (b) with respect to any additional Registration Statements that may be required
pursuant to Section 2(a) hereof, the 30th day following the date on which the Company first
knows, or reasonably should have known, that such additional Registration Statement is
required under such Section.

2

 

          “Freely Tradable” means, with respect to any security, a security that (i) is eligible to be
sold by the Holder thereof without any volume or manner of sale restrictions under the Securities
Act pursuant to Rule 144, (ii) which bears no legends restricting the transfer thereof, and (iii)
bears an unrestricted CUSIP number (if held in global form).

          “Hedging Contract” means a derivative contract of a type described in the incoming letter
referred to in Securities Exchange Commission no-action interpretive letter dated October 9, 2003
issued to Goldman, Sachs & Co. (the “Interpretive Letter”), entered into between a Holder and a
financial intermediary (a “Hedging Contract Counterparty”) and referencing the Preferred Stock or
the Common Stock.

          “Holder” or “Holders” means the registered holder or holders, as the case may be, from time to
time of Registrable Securities.

          “Indemnified Party” has the meaning set forth in Section 5(c).

          “Indemnifying Party” has the meaning set forth in Section 5(c).

          “Indenture” has the meaning set forth in the Purchase Agreement.

          “KKR Holders” has the meaning set forth in the Purchase Agreement.

          “Losses” has the meaning set forth in Section 5(a).

          “Person” means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company,
government (or an agency or subdivision thereof) or other entity of any kind.

          “Proceeding” means a pending action, claim, suit, or proceeding (including, without
limitation, an investigation or partial proceeding, such as a deposition) or investigation known to
the Company to be threatened.

          “Prospectus” means the prospectus included in a Registration Statement (including, without
limitation, a prospectus that includes any information previously omitted from a prospectus filed
as part of an effective registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Securities covered by a Registration Statement,
and all other amendments and supplements to the Prospectus, including post-effective amendments,
and all material incorporated by reference or deemed to be incorporated by reference in such
Prospectus.

          “Questionnaire” has the meaning set forth in Section 3(k).

          “Registrable Securities” means (i) the Notes and the related guarantees, (ii) the Warrants,
(iii) the Warrant Shares issuable or issued upon the exercise of the Warrants, (iv) the Common
Stock sold short to hedge the exposure of a Hedging Contract Counterparty (as defined in “Hedging
Contract” above) to the Hedging Contract to which such Hedging Contract Counterparty is a party, as
contemplated in the Interpretive Letter (as defined in “Hedging

          
3

 

Contract” above) and (v) any securities issued as (or issuable upon the conversion or exercise
of any warrant, right or other security that is issued as) a dividend, stock split,
recapitalization or other distribution with respect to, or in exchange for, or in replacement of,
the securities referenced in clauses (i) (without giving effect to any election by the Company
therein), (ii) or (iii) above or this clause (v); provided, however, that the term
“Registrable Securities” shall exclude in all cases any securities (1) sold or exchanged by a
Person pursuant to an effective registration statement under the Act or in compliance with Rule
144, (2) that are Freely Tradable (it being understood that for purposes of determining eligibility
for resale under clause (2) of this proviso, no securities held by any Holder shall be considered
Freely Tradable to the extent such Holder reasonably determines that it is an affiliate (as defined
under Rule 144) of the Company) or (3) that shall have ceased to be outstanding.

          “Registration Default” has the meaning set forth in Section 2(b).

          “Registration Default Date” has the meaning set forth in Section 2(b).

          “Registration Default Period” has the meaning set forth in Section 2(b).

          “Registration Statement” means a registration statement in the form required to register the
resale of the Registrable Securities, and including the Prospectus, amendments and supplements to
each such registration statement or Prospectus, including pre- and post-effective amendments, all
exhibits thereto, and all material incorporated by reference or deemed to be incorporated by
reference in such registration statement.

          “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as
such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by
the Commission having substantially the same effect as such Rule.

          “Rule 405” means Rule 405 promulgated by the Commission pursuant to the Securities Act, as
such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by
the Commission having substantially the same effect as such Rule.

          “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as
such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by
the Commission having substantially the same effect as such Rule.

          “Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as
such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by
the Commission having substantially the same effect as such Rule.

          “Rule 433” means Rule 433 promulgated by the Commission pursuant to the Securities Act, as
such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by
the Commission having substantially the same effect as such Rule.

          “Securities Act” means the Securities Act of 1933, as amended.

          “Special Payments” has the meaning set forth in Section 2(b).

4

 

          “Suspension Period” has the meaning set forth in Section 2(a).

          “Trading Day” means a day during which trading in the Common Stock generally occurs.

          “Trading Market” means the principal national securities exchange on which the Common Stock is
listed.

          “WKSI” means a “well known seasoned issuer” as defined under Rule 405.

     2. Registration.

          (a) On or prior to each Filing Date, the Company and the Guarantors will prepare and file with
the Commission a Registration Statement covering the resale of all Registrable Securities not
already covered by an existing and effective Registration Statement for an offering to be made on a
continuous basis pursuant to Rule 415. The Registration Statement (i) shall be on Form S-3 (except
if the Company is not then eligible to register for resale the Registrable Securities on Form S-3,
in which case such registration shall be on another appropriate form for such purpose) and, if the
Company is a WKSI as of the Filing Date, shall be an Automatic Shelf Registration Statement and
(ii) shall contain (except if otherwise requested by the Electing Holders or required pursuant to
written comments received from the Commission upon a review of such Registration Statement) the
“Plan of Distribution” in substantially the form attached hereto as Annex A. The Company
and the Guarantors will use their commercially reasonable efforts to cause the Registration
Statement to be declared effective or otherwise to become effective under the Securities Act as
soon as possible but, in any event, no later than the Effectiveness Date, and will use their
commercially reasonable efforts to keep the Registration Statement continuously effective under the
Securities Act until the registration rights under this Agreement terminate in accordance with
Section 2(d) (the “Effectiveness Period”). In addition, the Company and the Guarantors will,
promptly and from time to time, file such additional Registration Statements to cover resales of
any Registrable Securities which are not registered for resale pursuant to a pre-existing
Registration Statement no later than the Filing Date with respect thereto, and will use their
commercially reasonable efforts to cause such Registration Statement to be declared effective or
otherwise to become effective under the Securities Act as soon as practicable after the applicable
Filing Date but, in any event, no later than the applicable Effectiveness Date, and will use their
commercially reasonable efforts to keep the Registration Statement continuously effective under the
Securities Act at all times during the Effectiveness Period. Notwithstanding anything to the
contrary in this Agreement, upon notice to the Holders, without incurring or accruing any
obligation to pay any Special Payments pursuant to Section 2(b), the Company may suspend the use or
the effectiveness of the Registration Statement, or extend the time period in which it is required
to file the Registration Statement, for up to 60 consecutive days and up to 100 days in the
aggregate, in any 365-day period (a “Suspension Period”) if the Board of Directors of the Company
determines that there is a valid business purpose for suspension of the Registration Statement,
which valid business purpose shall include without limitation plans for a registered public
offering, an acquisition or other proposed or pending corporate developments and similar events (it
being agreed that the notice of the Suspension Period shall not state the reason therefore). In
the event the Company exercises its rights under the preceding sentence, the Holders agree to
suspend, immediately upon their

5

 

receipt of the notice referred to above, their use of the Prospectus relating to such
Registration Statement in connection with any sale or offer to sell Registrable Securities and not
to sell any Registrable Securities pursuant thereto until such Holder has been advised in writing
by the Company that the applicable Prospectus may be used or is effective (which notice the Company
agrees to provide promptly following the lapse of the event or circumstance giving rise to such
suspension). Each Holder shall keep confidential the fact of the delivery of the suspension notice
except as required by applicable law.

          (b) If: (i) any Registration Statement is not filed on or prior to its Filing Date, (ii) a
Registration Statement is not declared effective by the Commission or does not otherwise become
effective on or prior to its required Effectiveness Date, or (iii) after its Effective Date, such
Registration Statement ceases for any reason to be effective and available to the Holders as to all
Registrable Securities to which it is required to cover at any time prior to the expiration of the
Effectiveness Period (in each case, except as specifically permitted herein with respect to any
applicable Suspension Period) (any such failure or breach being referred to as a “Registration
Default,” and for purposes of clauses (i) or (ii) the date on which such Registration Default
occurs, and for purposes of clause (iii) the date on which the Registration Statement ceases to be
effective and available, being referred to as the “Registration Default Date” and each period from
and including the Registration Default Date during which a Registration Default has occurred and is
continuing, a “Registration Default Period”), then, during the Registration Default Period, in
addition to any other rights available to the Holders (including, without limitation, pursuant to
Section 7(a)), the Company and the Guarantors will pay a special payment (collectively, “Special
Payments”) to Holders of Notes in respect of each Note that is a Registrable Security, in an amount
equal to 0.50% per annum of the principal amount of such Note. Special Payments shall accrue from
the applicable Registration Default Date until all Registration Defaults have been cured and shall
be payable semi-annually in arrears on each April 1 and October 1 following the applicable
Registration Default Date to the record holder of the applicable security on the date that is 15
days prior to such payment date, until paid in full. Special Payments payable in respect of any
Registration Default Period shall be computed on the basis of a 360-day year consisting of twelve
30-day months. Special Payments shall be payable only with respect to a single Registration
Default at any given time, notwithstanding the fact that multiple Registration Defaults may have
occurred and be continuing. The obligations to pay Special Payments is a joint and several
obligation of the Company and the Guarantors.

          (c) The Company shall not, from the date hereof until the Effective Date of the initial
Registration Statement, prepare and file with the Commission a registration statement relating to
an offering of any of its securities for its own account or the account of others under the
Securities Act.

          (d) The registration rights granted under this Section 2 shall automatically terminate upon
the earlier of (i) such time as there are no outstanding Registrable Securities and (ii) March 29,
2018.

     3. Registration Procedures.

          The procedures to be followed by the Company, the Guarantors and each selling Holder, and the
respective rights and obligations of the Company, the Guarantors and such

6

 

Holders, with respect to the preparation, filing and effectiveness of a Registration
Statement, and the distribution of Registrable Securities pursuant thereto, are as follows:

          (a) The Company and the Guarantors will, at least five (5) Trading Days prior to the filing of
a Registration Statement or any related Prospectus or any amendment or supplement thereto (other
than amendments and supplements that do nothing more than name Holders and provide information with
respect thereto), (i) furnish to the Holders copies of all such documents proposed to be filed,
which documents (other than those incorporated by reference) will be subject to the reasonable
review of such Holders and (ii) use their reasonable efforts to address in each such document when
so filed with the Commission such comments as the Holders reasonably shall propose within five (5)
Trading Days of the delivery of such copies to the Holders.

          (b) The Company and the Guarantors will use commercially reasonable efforts to (i) prepare
and file with the Commission such amendments, including post-effective amendments, and supplements
to each Registration Statement and the Prospectus used in connection therewith as may be necessary
under applicable law with respect to the disposition of all Registrable Securities covered by such
Registration Statement continuously effective as to the applicable Registrable Securities for its
Effectiveness Period and prepare and file with the Commission such additional Registration
Statements in order to register for resale under the Securities Act all of the Registrable
Securities; (ii) cause the related Prospectus to be amended or supplemented by any required
Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; and
(iii) respond as promptly as reasonably possible to any comments received from the Commission with
respect to each Registration Statement or any amendment thereto and, as promptly as reasonably
possible provide the Holders true and complete copies of all correspondence from and to the
Commission relating to such Registration Statement that pertains to the Holders as Selling
Stockholders but not any comments that would result in the disclosure to the Holders of material
and non-public information concerning the Company.

          (c) The Company and the Guarantors will comply in all material respects with the provisions of
the Securities Act and the Exchange Act with respect to the Registration Statements and the
disposition of all Registrable Securities covered by each Registration Statement.

          (d) The Company and the Guarantors will notify the Holders as promptly as reasonably possible
(and, in the case of (i)(A) below, not less than three Trading Days prior to such filing) and (if
requested by any such Person) confirm such notice in writing no later than one Trading Day
following the day: (i)(A) when a Prospectus or any Prospectus supplement or post-effective
amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the
Company whether there will be a “review” of such Registration Statement and whenever the Commission
comments in writing on such Registration Statement (in which case the Company shall provide true
and complete copies thereof and all written responses thereto to each of the Holders that pertain
to the Holders as a Selling Stockholder or to the Plan of Distribution, but not information which
the Company believes would constitute material and non-public information); and (C) with respect to
each Registration Statement or any post-effective amendment, when the same has been declared
effective; (ii) of any request by the Commission or any other Federal or state governmental
authority for amendments or

7

 

supplements to a Registration Statement or Prospectus or for additional information that
pertains to the Holders as Selling Stockholders or the Plan of Distribution; (iii) of the issuance
by the Commission of any stop order suspending the effectiveness of a Registration Statement
covering any or all of the Registrable Securities or the initiation of any Proceedings for that
purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of
the qualification or exemption from qualification of any of the Registrable Securities for sale in
any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of
the occurrence of (but not the nature or details concerning) any event or passage of time that
makes any statement made in such Registration Statement or Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires
any revisions to such Registration Statement, Prospectus or other documents so that, in the case of
such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading (provided, however, that no notice by the Company shall be required
pursuant to this clause (v) in the event that the Company either promptly files a Prospectus
supplement to update the Prospectus or a Form 8-K or other appropriate Exchange Act report that is
incorporated by reference into the Registration Statement, which in either case, contains the
requisite information that results in such Registration Statement no longer containing any untrue
statement of material fact or omitting to state a material fact necessary to make the statements
therein not misleading).

          (e) The Company and the Guarantors will use commercially reasonable efforts to avoid the
issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of
a Registration Statement, or (ii) any suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest
practicable moment, or if any such order or suspension is made effective during any Suspension
Period, at the earliest practicable moment after the Suspension Period is over.

          (f) During the Effectiveness Period, the Company and the Guarantors will furnish to each
Holder, without charge, at least one conformed copy of each Registration Statement and each
amendment thereto and all exhibits to the extent requested by such Person (including those
incorporated by reference) promptly after the filing of such documents with the Commission;
provided, that neither the Company nor the Guarantors will have any obligation to provide
any document pursuant to this clause that is available on the EDGAR system.

          (g) The Company and the Guarantors will promptly deliver to each Holder, without charge, as
many copies of each Prospectus or Prospectuses (including each form of prospectus) and each
amendment or supplement thereto as such Persons may reasonably request during the Effectiveness
Period. The Company and the Guarantors consent to the use of such Prospectus and each amendment or
supplement thereto by each of the selling Holders in connection with the offering and sale of the
Registrable Securities covered by such Prospectus and any amendment or supplement thereto.

          (h) The Company and the Guarantors will, prior to any public offering of Registrable
Securities, use commercially reasonable efforts to register or qualify or cooperate with the
selling Holders in connection with the registration or qualification (or exemption from

8

 

such registration or qualification) of such Registrable Securities for offer and sale under
the applicable state securities or Blue Sky laws of those jurisdictions within the United States as
any Holder reasonably requests in writing to keep each such registration or qualification (or
exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or
things necessary or advisable to enable the disposition in such jurisdictions of the Registrable
Securities covered by the Registration Statements; provided, that neither the Company nor
the Guarantors will be required to (i) qualify generally to do business or as a dealer in
securities in any jurisdiction where it is not then so qualified or (ii) take any action which
would subject the Company or the Guarantors to general service of process or any material tax in
any such jurisdiction where it is not then so subject.

          (i) The Company and the Guarantors will cooperate with the Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be delivered to a
transferee pursuant to the Registration Statements, which certificates shall be free, to the extent
permitted by the Warrants and Indenture, of all restrictive legends, and to enable such Registrable
Securities to be in such denominations and registered in such names as any such Holders may request
in writing. In connection therewith, if required by the Company’s transfer agent, the Company and
the Guarantors will promptly after the effectiveness of the Registration Statement cause an opinion
of counsel as to the effectiveness of the Registration Statement to be delivered to and maintained
with its transfer agent, together with any other authorizations, certificates and directions
required by the transfer agent which authorize and direct the transfer agent to issue such
Registrable Securities without legend upon sale by the holder of such shares of Registrable
Securities under the Registration Statement.

          (j) Upon the occurrence of any event contemplated by Section 3(d)(v), as promptly as
reasonably possible, the Company and the Guarantors will prepare a supplement or amendment,
including a post-effective amendment, if required by applicable law, to the affected Registration
Statements or a supplement to the related Prospectus or any document incorporated or deemed to be
incorporated therein by reference, and file any other required document so that, as thereafter
delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading.

          (k) Notwithstanding any other provision of the Agreement, no Holder of Registrable Securities
may include any of its Registrable Securities in the Registration Statement pursuant to this
Agreement unless the Holder furnishes to the Company a completed questionnaire substantially in the
form of Exhibit A (the “Questionnaire”) for use in connection with the Registration Statement at
least ten (10) Trading Days prior to the filing of the Registration Statement; provided,
however, an Investor shall not be required to furnish a Questionnaire in connection with
the initial Registration Statement if such Investor owns Notes and Warrants initially purchased by
such Investor at the Closing as of the initial Filing Date. The Company agrees to update the
Prospectus at least once in every 90 day period (commencing with the first 90 day period starting
on the effective date of the initial Registration Statement) to add any Holders who have delivered
a Questionnaire since the last such update as selling securityholders in the Prospectus.

9

 

          (l) The Holders may distribute the Registrable Securities by means of an underwritten
offering; provided that (a) the Electing Holders provide written notice to the Company of
their intention to distribute Registrable Securities by means of an underwritten offering, (b) the
managing underwriter or underwriters thereof shall be designated by the Electing Holders
(provided, however, that such designated managing underwriter or underwriters shall
be reasonably acceptable to the Company), (c) each Holder participating in such underwritten
offering agrees to sell such Holder’s Registrable Securities on the basis provided in any
underwriting arrangements approved by the persons entitled selecting the managing underwriter or
underwriters hereunder and (d) each Holder participating in such underwritten offering completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents reasonably required under the terms of such underwriting arrangements. The Company
hereby agrees with each Holder that, in connection with any underwritten offering in accordance
with the terms hereof, it will negotiate in good faith and execute all indemnities, underwriting
agreements and other documents reasonably required under the terms of such underwriting
arrangements, including using all commercially reasonable efforts to procure customary legal
opinions and auditor “comfort” letters.

          (m) In the event the Holders seek to complete an underwritten offering, for a reasonable
period prior to the filing of any Registration Statement, and throughout the Effectiveness Period,
the Company and the Guarantors will make available upon reasonable notice at the Company’s
principal place of business or such other reasonable place for inspection by the managing
underwriter or underwriters selected in accordance with Section 3(l), such financial and other
information and books and records of the Company, and cause the officers, employees, counsel and
independent certified public accountants of the Company to respond to such inquiries, as shall be
reasonably necessary (and in the case of counsel, not violate an attorney-client privilege in such
counsel’s reasonable belief), to conduct a reasonable investigation within the meaning of
Section 11 of the Securities Act; provided, however, that the foregoing inspection
and information gathering on behalf of the Holders (and any managing underwriter or underwriters)
shall be conducted by legal counsel to the Holders (and legal counsel to such managing underwriter
or underwriters); and provided further that each such party shall be required to
maintain in confidence and not to disclose to any other Person any information or records
reasonably designated by the Company as being confidential, until such time as (A) such information
becomes a matter of public record (whether by virtue of its inclusion in the Registration Statement
or in any other manner other than through the release of such information by any Person afforded
access to such information pursuant hereto), or (B) such Person shall be required so to disclose
such information pursuant to a subpoena or order of any court or other governmental agency or body
having jurisdiction over the matter (subject to the requirements of such order, and only after such
Person shall have given the Company prompt prior written notice of such requirement).

          (n) Each Holder hereby acknowledges the restrictions on the transfer of the Warrants, Warrant
Shares, Notes and related guarantees as set forth in the Warrant and the Indenture, as applicable,
and expressly acknowledges and agrees that nothing herein shall be deemed to permit any assignment,
transfer or other disposition of Registrable Securities in violation of the terms of the Warrants
or Indenture, as applicable.

10

 

     4. Registration Expenses. All fees and expenses incident to the Company’s and the
Guarantors’ performance of or compliance with their obligations under this Agreement (excluding any
underwriting discounts and selling commissions, but including all legal fees and expenses of one
legal counsel to the Holders) shall be borne by the Company and the Guarantors, jointly and
severally, whether or not any Registrable Securities are sold pursuant to a Registration Statement.
The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i)
all registration and filing fees (including, without limitation, fees and expenses (A) with respect
to filings required to be made with the Trading Market, and (B) in compliance with applicable state
securities or Blue Sky laws), (ii) printing expenses (including, without limitation, expenses of
printing certificates for Registrable Securities and of printing prospectuses if the printing of
prospectuses is reasonably requested by the holders of a majority of the Registrable Securities
included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv)
fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the
Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the
Company in connection with the consummation of the transactions contemplated by this Agreement. In
addition, the Company and the Guarantors shall be responsible for all of their internal expenses
incurred in connection with the consummation of the transactions contemplated by this Agreement
(including, without limitation, all salaries and expenses of their officers and employees
performing legal or accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any securities exchange as
required hereunder. For the avoidance of doubt, each Holder shall pay all underwriting and
placement discounts and commissions, agency and placement fees, brokers’ commissions and transfer
taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities. In
addition to the foregoing, the Company shall pay the reasonable legal fees and expenses of the
single counsel to the Holders in connection with the Registration Statement (not to exceed $25,000
in the aggregate); provided, however, if the Holders reasonably determine that local counsel is
required in connection with the Registration Statement, then the Company shall be obligated to pay
such reasonable legal fees and expense as well (not to exceed $10,000 in the aggregate).

     5. Indemnification.

          (a) Indemnification by the Company. The Company and the Guarantors will,
notwithstanding any termination of this Agreement, jointly and severally, indemnify and hold
harmless each Holder and each underwriter, broker-dealer or selling agent, if any, which
facilitates the disposition of Registrable Securities, the officers, directors, agents, partners,
members, stockholders and employees of each of them, each Person who controls any such Holder,
underwriter, broker-dealer or selling agent (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act) and the officers, directors, agents and employees of each such
controlling Person, to the fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of
preparation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred,
arising out of or relating to any untrue or alleged untrue statement of a material fact contained
in any Registration Statement, any Prospectus or any form of prospectus (including, without
limitation, any “issuer free writing prospectus” as defined in Rule 433) or in any amendment or
supplement thereto or in any preliminary prospectus, or

11

 

arising out of or relating to any omission or alleged omission of a material fact required to
be stated therein or necessary to make the statements therein (in the case of any Prospectus or
form of prospectus (including, without limitation, any “issuer free writing prospectus” as defined
in Rule 433) or supplement thereto, in light of the circumstances under which they were made) not
misleading, except to the extent, but only to the extent, that (i) such Losses arise out of or are
based upon any untrue statements, alleged untrue statements, omissions or alleged omissions that
are based solely upon information regarding such Holder, underwriter, broker-dealer or selling
agent furnished in writing to the Company by such Person expressly for use therein pursuant to
Section 3(k) or (ii) such Losses arise out of or are based upon transfers of Registrable Securities
during a Suspension Period or after a failure to provide the notice required by Section 7(m). The
Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding
of which the Company is aware in connection with the transactions contemplated by this Agreement.

          (b) Indemnification by Holders. Each Holder shall, notwithstanding any termination of
this Agreement, severally and not jointly, indemnify and hold harmless the Company, the Guarantors,
their respective directors, officers, agents and employees, each Person who controls the Company or
the Guarantors (within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the
fullest extent permitted by applicable law, from and against all Losses, as incurred, arising
solely out of or based solely upon any untrue statement of a material fact contained in any
Registration Statement, any Prospectus, or any form of prospectus (including, without limitation,
any “issuer free writing prospectus” as defined in Rule 433), or in any amendment or supplement
thereto, or arising solely out of or based solely upon any omission of a material fact required to
be stated therein or necessary to make the statements therein (in the case of any Prospectus, or
any form of prospectus (including, without limitation, any “issuer free writing prospectus” as
defined in Rule 433) or supplement thereto, in light of the circumstances under which they were
made) not misleading to the extent, but only to the extent, that such untrue statements or
omissions are based solely upon information regarding such Holder furnished in writing to the
Company by such Holder in the Questionnaire or otherwise expressly for use therein. In no event
shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of
the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to
such indemnification obligation.

          (c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted
against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party
shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in
writing, and the Indemnifying Party shall be permitted to assume the defense thereof, including the
employment of counsel reasonably satisfactory to the Indemnified Party (whose approval shall not be
unreasonably withheld) and the payment of all fees and expenses incurred in connection with defense
thereof; provided, that the failure of any Indemnified Party to give such notice shall not
relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except
(and only) to the extent that it shall be finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) that such failure shall have
proximately and materially adversely prejudiced the Indemnifying Party.

12

 

          An Indemnified Party shall have the right to employ separate counsel in any such Proceeding
and to participate in the defense thereof, but the fees and expenses of such counsel shall be at
the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in
writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such
Indemnified Party in any such Proceeding (whose approval shall not be unreasonably withheld); or
(3) the named parties to any such Proceeding (including any impleaded parties) include both such
Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by
counsel that a conflict of interest is likely to exist if the same counsel were to represent such
Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the
Indemnifying Party in writing that it elects to employ separate counsel at the expense of the
Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof
and such counsel shall be at the expense of the Indemnifying Party); provided that the
Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of
attorneys at any time for all Indemnified Parties. The Indemnifying Party shall not be liable for
any settlement of any such Proceeding effected without its written consent, which consent shall not
be unreasonably withheld. No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement of any pending Proceeding in respect of which any
Indemnified Party is a party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

          All fees and expenses of the Indemnified Party (including reasonable fees and expenses to the
extent incurred in connection with investigating or preparing to defend such Proceeding in a manner
not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, promptly
upon receipt of written notice thereof to the Indemnifying Party (regardless of whether it is
ultimately determined that an Indemnified Party is not entitled to indemnification hereunder;
provided that the Indemnifying Party may require such Indemnified Party to undertake to
reimburse all such fees and expenses to the extent it is finally judicially determined that such
Indemnified Party is not entitled to indemnification hereunder).

          (d) Contribution. If a claim for indemnification under Section 5(a) or 5(b) is
unavailable to an Indemnified Party (by reason of public policy or otherwise), then each
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount
paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in
connection with the actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. The relative fault of such Indemnifying Party and
Indemnified Party shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission or
alleged omission of a material fact, has been taken or made by, or relates to information supplied
by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such action, statement or omission.
The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject
to the limitations set forth in Section 5(c), any reasonable attorneys’ or other reasonable fees or
expenses incurred by such party in connection with any Proceeding to the extent such

13

 

party would have been indemnified for such fees or expenses if the indemnification provided
for in this Section was available to such party in accordance with its terms.

          The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 5(d) were determined by pro rata allocation or by any other method of allocation that
does not take into account the equitable considerations referred to in the immediately preceding
paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually
received by such Holder from the sale of the Registrable Securities subject to the Proceeding
exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

          The indemnity and contribution agreements contained in this Section are in addition to any
liability that the Indemnifying Parties may have to the Indemnified Parties and are not in
diminution or limitation of the indemnification provisions under the Purchase Agreement.

     6. Facilitation of Sales Pursuant to Rule 144. To the extent it shall be required to
do so under the Exchange Act, the Company shall timely file the reports required to be filed by it
under the Exchange Act or the Securities Act (including the reports under Sections 13 and 15(d) of
the Exchange Act referred to in subparagraph (c)(1) of Rule 144), and shall take such further
action as any Holder may reasonably request, all to the extent required from time to time to enable
the Holders to sell Registrable Securities without registration under the Securities Act within the
limitations of the exemption provided by Rule 144. Upon the request of any Holder in connection
with that Holder’s sale pursuant to Rule 144, the Company shall deliver to such Holder a written
statement as to whether it has complied with such requirements.

     7. Miscellaneous.

          (a) Remedies. In the event of a breach by the Company or the Guarantors or by a
Holder, of any of their obligations under this Agreement, each Holder or the Company, as the case
may be, in addition to being entitled to exercise all rights granted by law and under this
Agreement, including recovery of damages, will be entitled to specific performance of its rights
under this Agreement. The Company, the Guarantors and each Holder agree that monetary damages
would not provide adequate compensation for any losses incurred by reason of a breach by it of any
of the provisions of this Agreement and further agree that, in the event of any action for specific
performance in respect of such breach, it shall waive the defense that a remedy at law would be
adequate.

          (b) Discontinued Disposition. Each Holder agrees by its acquisition of such
Registrable Securities that, upon receipt of a notice from the Company of the occurrence of any
event of the kind described in Section 3(d), such Holder will forthwith discontinue disposition of
such Registrable Securities under the Registration Statement until such Holder’s receipt of the
copies of the supplemented Prospectus and/or amended Registration Statement or until it is

14

 

advised in writing by the Company that the use of the applicable Prospectus may be resumed,
and, in either case, has received copies of any additional or supplemental filings that are
incorporated or deemed to be incorporated by reference in such Prospectus or Registration
Statement. The Company may provide appropriate stop orders to enforce the provisions of this
paragraph.

          (c) Amendments and Waivers. No provision of this Agreement may be waived or amended
except in a written instrument signed by the Company and the Electing Holders. The Company shall
provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default
with respect to any provision, condition or requirement of this Agreement shall be deemed to be a
continuing waiver in the future or a waiver of any subsequent default or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission of either party to
exercise any right hereunder in any manner impair the exercise of any such right.

          (d) Notices. Any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed given and effective on
the earliest of (i) the date of transmission, if such notice or communication is delivered via
facsimile or electronic mail as specified in this Section prior to 5:00 p.m. (New York time) on a
Business Day, (ii) the Business Day after the date of transmission, if such notice or communication
is delivered via facsimile or electronic mail as specified in this Agreement later than 5:00 p.m.
(New York time) on any date and earlier than 11:59 p.m. (New York time) on such date, (iii) the
Business Day following the date of mailing, if sent by nationally recognized overnight courier
service, or (iv) upon actual receipt by the party to whom such notice is required to be given. The
address for such notices and communications shall be as follows:

	 	 	 
	If to the Company or any Guarantor:

	 	Eastman Kodak Company
	 

	 	343 State Street
	 

	 	Rochester, New York 14640
	 

	 	Attention: General Counsel
	 

	 	Telephone: (585) 724-4000
	 

	 	Facsimile No: (585) 724-9549
	 

	 	Email: joyce.haag@kodak.com
	 
	 	 
	With a copy to:

	 	Wilson Sonsini Goodrich & Rosati
	 

	 	650 Page Mill Road
	 

	 	Palo Alto, CA 94304
	 

	 	Attention: Larry Sonsini
	 

	 	Facsimile: (650) 493-6811
	 

	 	Email: lsonsini@wsgr.com
	 
	 	 
	 

	 	and
	 
	 	 
	 

	 	1301 Avenue of the Americas, 40th Floor
	 

	 	New York, New York 10019

15

 

	 	 	 
	 

	 	Attention: Selim Day
	 

	 	                 Adam Dinow
	 

	 	Facsimile: (212) 999-5899
	 

	 	Email: sday@wsgr.com
	 

	 	            adinow@wsgr.com
	 
	 	 
	If to the Investors:

	 	c/o Kohlberg Kravis Roberts & Co. L.P.
	 

	 	2800 Sand Hill Road, Suite #200
	 

	 	Menlo Park, California 94025
	 

	 	Attention: Pontus Pettersson
	 

	 	Facsimile: (650) 233-6538
	 

	 	Email: pontus.pettersson@kkr.com
	 
	 	 
	With a copy to:

	 	Latham & Watkins LLP
	 

	 	885 Third Avenue
	 

	 	New York, NY 10022
	 

	 	Attention: Greg Rodgers
	 

	 	Facsimile: (212) 751-4864
	 

	 	Email: greg.rodgers@lw.com
	 
	 	 
	If to any other Person who is then
the registered
Holder:

	 	To the address of such Holder as it appears in
the applicable register for the Securities, or
after delivery of a Questionnaire by such Holder,
as provided in such Questionnaire

or such other address as may be designated in writing hereafter, in the same manner, by such
Person.

          (e) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and permitted assigns of each of the parties and shall inure to the
benefit of each Holder; provided, however, that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Registrable Securities in violation of the
terms of the Indenture or any Warrant. The Company and the Guarantors may not assign their
respective rights or obligations hereunder without the prior written consent of the Electing
Holders.

          (f) Execution and Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original and, all of which
taken together shall constitute one and the same Agreement. In the event that any signature is
delivered by facsimile or electronic mail transmission, such signature shall create a valid binding
obligation of the party executing (or on whose behalf such signature is executed) the same with the
same force and effect as if such signature delivered by facsimile or electronic mail transmission
were the original thereof.

16

 

          (g) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York without regard to choice of laws or conflicts of laws
provisions thereof that would require the application of the laws of any other jurisdiction.

          (h) Submission to Jurisdiction. Each of the parties to this Agreement irrevocably and
unconditionally submits, for itself and its property, to the exclusive jurisdiction of the courts
of the State of New York sitting in New York County and of the United States District Court of the
Southern District of New York, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement, or for the recognition or enforcement of
any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims
in respect of any such action or proceeding may be heard and determined in such New York State
court or, to the fullest extent permitted by applicable law, in such federal court. Each of the
parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law.

          (i) Waiver of Venue. Each of the parties to this Agreement irrevocably and
unconditionally waives, to the fullest extent permitted by applicable law, (i) any objection that
it may now or hereafter have to the laying of venue of any action or proceeding arising out of or
relating to this Agreement in any court referred to in Section 7(h) and (ii) the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court.

          (j) Cumulative Remedies. The remedies provided herein are cumulative and not
exclusive of any remedies provided by law.

          (k) Severability. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in
full force and effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their reasonable efforts to find and employ an alternative means to achieve the
same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties that they
would have executed the remaining terms, provisions, covenants and restrictions without including
any of such that may be hereafter declared invalid, illegal, void or unenforceable.

          (l) Notice by Holders. Each Holder agrees to provide the Company with ten days prior
written notice before the date of any proposed sale, transfer or other disposition by such Holder
of more than $10,000,000 principal amount of Notes, 2,000,000 Warrants or 2,000,000 Warrant Shares
pursuant to the Registration Statement. If a Holder provides a notice as required by the foregoing
sentence, it need not provide another such notice until 90 days have passed from the date such
notice was provided.

          (m) Entire Agreement. This Agreement constitutes the entire agreement between the
parties hereto pertaining to the subject matter hereof, and supersedes all other prior agreements
and understandings, both written and oral, between the parties, with respect to the subject matter
hereof.

17

 

          (n) Headings; Section References. The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof. Unless otherwise
stated, references to Sections, Schedules and Exhibits are to the Sections, Schedules and Exhibits
of this Agreement.

[THIS SPACE LEFT BLANK INTENTIONALLY]

18

 

          IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above.

	 	 	 	 	 
	 	

EASTMAN KODAK COMPANY

 	 
	 	By:  	/s/
William G. Love	 
	 	Name:  	William G. Love	 
	 	Title:  	Treasurer	 
	 

SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT

 

 

	 	 	 	 	 
	 	GUARANTORS:

CREO MANUFACTURING AMERICA LLC

KODAK AVIATION LEASING LLC

 	 
	 	By:  	/s/
William G. Love	 
	 	Name:  	William G. Love	 
	 	Title:  	Manager	 
	 
	 	EASTMAN GELATINE CORPORATION

EASTMAN KODAK INTERNATIONAL 
CAPITAL COMPANY, INC.

FAR EAST DEVELOPMENT LTD.

FPC INC.

KODAK (NEAR EAST), INC.

KODAK AMERICAS, LTD.

KODAK IMAGING NETWORK, INC.

KODAK PORTUGUESA LIMITED

KODAK REALTY, INC.

LASER EDIT, INC.

LASER-PACIFIC MEDIA CORPORATION

PACIFIC VIDEO, INC.

PAKON, INC.

QUALEX INC.

 	 
	 	By:  	/s/
William G. Love	 
	 	Name:  	William G. Love	 
	 	Title:  	Treasurer	 
	 

SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT

 

 

	 	 	 	 	 
	 	KODAK PHILIPPINES, LTD.

NPEC INC.

 	 
	 	By:  	/s/
William G. Love	 
	 	Name:  	William G. Love	 
	 	Title:  	Assistant Treasurer	 
	 

SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT

 

 

	 	 	 	 	 
	 	INVESTORS:

KKR JET STREAM (CAYMAN) LIMITED

 	 
	 	By:  	/s/
William Janetschek	 
	 	Name:  	
William Janetschek	 
	 	Title:  	Director	 
	 
	 	8 NORTH AMERICA INVESTOR (CAYMAN) LIMITED

 	 
	 	By:  	
/s/ William Janetschek	 
	 	Name:  	William Janetschek	 
	 	Title:  	Director	 
	 
	 	OPERF CO-INVESTMENT LLC

 	 
	 	By:  	KKR Associates 2006 L.P., its general manager
 	 
	 	 	 
	 	By:  	KKR 2006 GP LLC, its general partner
 	 
	 	 	 
	 	By:  	/s/
William Janetschek	 
	 	Name:  	William Janetschek	 
	 	Title:  	Director	 
	 
	 	KKR JET STREAM LLC

 	 
	 	By:  	/s/
William Janetschek	 
	 	Name:  	William Janetschek	 
	 	Title:  	Director	 
	 

SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT

 

 

ANNEX A

PLAN OF DISTRIBUTION

          The holders of Securities (defined below) selling or otherwise disposing of such Securities
pursuant hereto (the “Selling Securityholders”) and any of their pledgees, donees, transferees,
assignees or other successors-in-interest may, from time to time, sell, transfer or otherwise
dispose of any or all of their Securities of Notes, Warrants or Warrant Shares (collectively
“Securities”) or interests in Securities on any stock exchange, market or trading facility on which
the Securities are traded or in private transactions. These dispositions may be at fixed prices,
at prevailing market prices at the time of sale, at prices related to the prevailing market price,
at varying prices determined at the time of sale, or at negotiated prices. The Selling
Securityholders may use one or more of the following methods when disposing of the Securities or
interests therein:

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer
solicits purchasers;
	 
	 	•	 	block trades in which the broker-dealer will attempt to sell the Securities as
agent but may position and resell a portion of the block as principal to facilitate the
transaction;
	 
	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for
its account;
	 
	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange;
	 
	 	•	 	privately negotiated transactions;
	 
	 	•	 	short sales entered into after the effective date of the registration statement
of which this prospectus is a part;
	 
	 	•	 	through the writing or settlement of options or other hedging transactions,
whether through an options exchange or otherwise;
	 
	 	•	 	broker-dealers may agree with the Selling Securityholders to sell a specified
number of such Securities at a stipulated price per share;
	 
	 	•	 	a combination of any such methods of disposition; and
	 
	 	•	 	any other method permitted pursuant to applicable law.

          The Selling Securityholders may also sell Securities under Rule 144 under the Securities Act,
if available, rather than under this prospectus.

          Broker-dealers engaged by the Selling Securityholders may arrange for other broker-dealers to
participate in sales. Broker-dealers may receive commissions or discounts from the Selling
Securityholders (or, if any broker-dealer acts as agent for the purchaser of Securities, from the
purchaser) in amounts to be negotiated. The Selling Securityholders do not

 

 

expect these commissions and discounts to exceed what is customary in the types of
transactions involved.

          The Selling Securityholders may from time to time pledge or grant a security interest in some
or all of the Securities owned by them and, if they default in the performance of their secured
obligations, the pledgees or secured parties may offer and sell Securities from time to time under
this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable
provision of the Securities Act of 1933 amending the list of Selling Securityholders to include the
pledgee, transferee or other successors in interest as Selling Securityholders under this
prospectus.

          Upon the Company being notified in writing by a Selling Securityholder that any material
arrangement has been entered into with a broker-dealer for the sale of Securities through a block
trade, special offering, exchange distribution or secondary distribution or a purchase by a broker
or dealer, a supplement to this prospectus will be filed, if required, pursuant to Rule 424(b)
under the Securities Act, disclosing (i) the name of each such Selling Securityholder and of the
participating broker-dealer(s), (ii) the number of Securities involved, (iii) the price at which
such Securities were sold, (iv) the commissions paid or discounts or concessions allowed to such
broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any
investigation to verify the information set out or incorporated by reference in this prospectus,
and (vi) other facts material to the transaction. In addition, upon the Company being notified in
writing by a Selling Securityholder that a donee or pledge intends to sell more than 500
Securities, a supplement to this prospectus will be filed if then required in accordance with
applicable securities law.

          The Selling Securityholders also may transfer the Securities in other circumstances, in which
case the transferees, pledgees or other successors in interest will be the selling beneficial
owners for purposes of this prospectus.

          In connection with the sale of Securities or interests in Securities, the Selling
Securityholders may enter into hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of the Common Stock in the course of hedging
the positions they assume. The Selling Securityholders may also sell Securities of Common Stock
short and deliver these securities to close out their short positions, or loan or pledge the Common
Stock to broker-dealers that in turn may sell these securities. The Selling Securityholders may
also enter into option or other transactions with broker-dealers or other financial institutions or
the creation of one or more derivative securities which require the delivery to such broker-dealer
or other financial institution of Securities offered by this prospectus, which Securities such
broker-dealer or other financial institution may resell pursuant to this prospectus (as
supplemented or amended to reflect such transaction).

          The Selling Securityholders may enter into derivative transactions with third parties, or sell
securities not covered by this prospectus to third parties in privately negotiated transactions.
If the applicable prospectus supplement indicates, in connection with those derivatives, the third
parties may sell securities covered by this prospectus and the applicable prospectus supplement,
including in short sale transactions. If so, the third party may use securities pledged by the
Selling Securityholders or borrowed from the Selling Securityholders

 

 

or others to settle those sales or to close out any related open borrowings of stock, and may
use securities received from the Selling Securityholders in settlement of those derivatives to
close out any related open borrowings of stock. The third party in such sale transactions will be
an underwriter and, if not identified in this prospectus, will be identified in the applicable
prospectus supplement (or a post-effective amendment).

          The Company has advised the Selling Securityholders that they are required to comply with
Regulation M promulgated under the Securities and Exchange Act during such time as they may be
engaged in a distribution of the Securities. The foregoing may affect the marketability of the
Securities.

          The Company is required to pay all fees and expenses incident to the registration of the
Securities. The Company has agreed to indemnify the Selling Securityholders against certain
losses, claims, damages and liabilities, including liabilities under the Securities Act or
otherwise.

 

 

EXHIBIT A

FORM OF

SELLING SECURITYHOLDER QUESTIONNAIRE

Reference is made to that certain registration rights agreement (the “Registration Rights
Agreement”), dated as of September 29, 2009, by and among Eastman Kodak Company (the “Company”),
the guarantors party thereto and KKR Jet Stream (Cayman) Limited. Capitalized terms used and not
defined herein shall have the meanings given to such terms in the Registration Rights Agreement.

The undersigned Holder (the “Selling Securityholder”) of the Registrable Securities is providing
this Selling Securityholder Questionnaire pursuant to Section 3(k) of the Registration Rights
Agreement. The Selling Securityholder, by signing and returning this Selling Securityholder
Questionnaire, understands that it will be bound by the terms and conditions of this Selling
Securityholder Questionnaire and the Registration Rights Agreement. The Selling Stockholder hereby
acknowledges its indemnity obligations pursuant to Section 5(b) of the Registration Rights
Agreement.

The Selling Securityholder provides the following information to the Company and represents and
warrants that such information is accurate and complete:

	 	 	 	 	 	 	 	 	 
	(1)	 	(a)	 	Full Legal Name of Selling Securityholder:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 

	 	 	 	 
	 	 	(b)	 	Full Legal Name of Registered Holder (if not the same as (a) above) through
which Registrable Securities listed in (3) below are held:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 

	 	 	 	 
	 	 	(c)	 	Full Legal Name of DTC Participant (if applicable and if not the same as (b)
above) through which Registrable Securities listed in (3) below are held:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 

	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(2)	 	Address for Notices to Selling Securityholder:
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 

	 	 	 	 
	 

	 	 	 	 

	 	 	 	 

	 	 	 	 	 
	Telephone (including area code):
	 	 	 	 
	Fax (including area code):

	 	 

	 	 
	Contact Person:

	 	 

	 	 
	 

	 	 

	 	 

	 	 	 	 	 	 	 
	(3)	 	Beneficial Ownership of Registrable Securities:
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	(a)	 	Type and Principal Amount/Number of Registrable Securities beneficially owned:
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	(b)	 	CUSIP No(s). of such Registrable Securities beneficially owned:
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	(4)	 	Beneficial Ownership of Other Securities of the Company Owned by the Selling Securityholder:

 

 

	 	 	Except as set forth below in this Item (4), the Selling Securityholder is not the beneficial
or registered owner of any securities of the Company other than the Registrable Securities
listed above in Item (3).

	 	(a)	 	Type and Amount of Other Securities beneficially owned by the Selling
Securityholder:
	 
	 	 	 	 

	(b)	 	CUSIP No(s). of such Other Securities beneficially owned:
	 
	(5)	 	Relationship with the Company:
	 
	 	 	Except as set forth below, neither the Selling Securityholder nor any of its affiliates,
officers, directors or principal equity holders (5% or more) has held any position or office
or has had any other material relationship with the Company (or its predecessors or
affiliates) during the past three years.

State any exceptions here:

	(6)	 	Is the Selling Securityholder a registered broker-dealer?

	 
	Yes	     o
	No	     o

If “Yes”, please answer subsection (a) and subsection (b):

(a) Did the Selling Securityholder acquire the Registrable
Securities as compensation for underwriting/broker-dealer activities
to the Company?

Yes      o

No       o

(b) If you answered “No” to question 6(a), please explain your
reason for acquiring the Registrable Securities:

 

 

 

 

	(7)	 	Is the Selling Securityholder an affiliate of a registered broker-dealer?

Yes      o

No       o

     If “Yes”, please identify the registered broker-dealer(s), describe the nature of the
affiliation(s) and answer subsection (a) and subsection (b):

 

 

 

(a) Did the Selling Securityholder purchase the Registrable
Securities in the ordinary course of business (if no, please
explain)?

Yes      o

No       o

Explain:

 

 

(b) Did the Selling Securityholder have an agreement or
understanding, directly or indirectly, with any person to distribute

 

 

the Registrable Securities at the same time the Registrable
Securities were originally purchased (if yes, please explain)?

Yes      o

No       o

Explain:

	(8)	 	Is the Selling Securityholder a non-public entity?

Yes     o

No      o

If “Yes”, please answer subsection (a):

(a) Identify the natural person or persons that have voting or
investment control over the Registrable Securities that the
non-public entity owns:

	(9)	 	Plan of Distribution:

The Selling Securityholder (including its donees and pledgees) intends to distribute the
Registrable Securities listed above in Item (3) pursuant to the Registration Statement in
accordance with the Plan of Distribution attached as Annex A to the Registration Rights Agreement.

The Selling Securityholder acknowledges that it understands its obligations to comply with the
provisions of the Securities Exchange Act of 1934, as amended, and the rules thereunder relating to
stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations),
in connection with any offering of Registrable Securities pursuant to the Shelf Registration
Agreement. The Selling Securityholder agrees that neither it nor any person acting on its behalf
will engage in any transaction in violation of such provisions.

Pursuant to the Registration Rights Agreement, the Company has agreed under certain circumstances
to indemnify the Selling Securityholder against certain liabilities.

In the event the Selling Securityholder transfers all or any portion of the Registrable Securities
listed in Item (3) above after the date on which such information is provided to the Company other
than pursuant to the Registration Statement, the Selling Securityholder agrees to notify the
transferee(s) at the time of the transfer of its rights and obligations under this Selling
Securityholder Questionnaire and the Registration Rights Agreement.

In accordance with the Selling Securityholder’s obligation under the Registration Rights Agreement
to provide such information as may be required by law or by the staff of the Commission for
inclusion in the Registration Statement, the Selling Securityholder agrees to promptly notify the
Company of any inaccuracies or changes in the information provided herein that may occur subsequent
to the date hereof at anytime while the Registration Statement remains effective. All notices to
the Selling Securityholder pursuant to the Registration Rights Agreement shall be made in writing,
by hand-delivery, first-class mail, or air courier guaranteeing overnight delivery to the address
set forth below.

By signing below, the Selling Securityholder consents to the disclosure of the information
contained herein in its answers to Items (1) through (9) above and the inclusion of such
information in the Registration Statement and the related Prospectus. The undersigned

 

 

understands that such information will be relied upon by the Company in connection with the
preparation or amendment of the Registration Statement and the related Prospectus.

By signing below, the undersigned agrees that if the Company notifies the undersigned that the
Registration Statement is not available pursuant to the terms of the Registration Rights Agreement,
the undersigned will suspend use of the Prospectus until notice from the Company that the
Prospectus is again available.

Once this Selling Securityholder Questionnaire is executed by the undersigned and received by the
Company, the terms of this Selling Securityholder Questionnaire, and the representations,
warranties and agreements contained herein, shall be binding on, shall inure to the benefit of and
shall be enforceable by the respective successors, heirs, personal representatives, and assigns of
the Company and the undersigned with respect to the Registrable Securities beneficially owned by
the undersigned and listed in Item (3) above. This Selling Securityholder Questionnaire shall be
governed by and construed in accordance with the laws of the State of New York without regard to
choice of laws or conflicts of laws provisions thereof that would require the application of the
laws of any other jurisdiction.

 

 

          IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Selling
Securityholder Questionnaire to be executed and delivered either in person or by its duly
authorized agent.

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 
 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Beneficial Owner	 	 
	 

	 	 	 	 	 	By:
	 	 
 

	 	 
	 

	 	 	 	 	 	Name:
	 	 
 

	 	 
	 

	 	 	 	 	 	Title:
	 	 
 

	 	 

PLEASE RETURN THE COMPLETED AND EXECUTED

SELLING SECURITYHOLDER QUESTIONNAIRE TO THE COMPANY AT:

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