Document:

exhibit1021.htm

    Exhibit
(10.21)

    EASTMAN
KODAK COMPANY

    

    EXECUTIVE
COMPENSATION FOR EXCELLENCE AND LEADERSHIP

    

    

    Article                                                                                                                             Page

    

    1.           Purpose,
Effective Date and Term of
Plan                                                     1

    

    2.           Definitions                                                                                                          2

    

    3.           Eligibility                                                                                                      
     11

    

    4.           Plan
Administration                                                                                         12

    

    5.           Forms
of
Awards                                                                                         
    14

    

    6.           Setting
Performance Goals and Performance
Formula                          
     15

    

    7.           Award
Determination                                                                                       16

    

    8.           Payment
of Awards for a Performance
Period                                              19

    

    9.           Deferral
of
Awards                                                                                            20

    

    10.           Intentionally
Omitted                                                                                      21

    

    11.           Change
In
Ownership                                                                                     22

    

    12.           Change
In
Control                                                                                           24

    

    13.           Miscellaneous                                                                                                  26

    

    

    As
Amended Effective January 1, 2009

    Ó 2008, Eastman Kodak
Company

    

    
      
         

      

      
         

        
        

      

      
         

      

    

    ARTICLE
1  --  PURPOSE, EFFECTIVE DATE AND TERM OF PLAN

    

    1.1           Purpose

    

    The
purposes of the Plan are to provide an annual incentive to Key Employees of the
Company to put forth maximum efforts toward the continued growth and success of
the Company, to encourage such Key Employees to remain in the employ of the
Company, to assist the Company in attracting and motivating new Key Employees on
a competitive basis, and to endeavor to qualify the Awards granted to Covered
Employees under the Plan as performance-based compensation as defined in Section
162(m) of the Code.  The Plan is intended to apply to Key Employees of
the Company in the United States and throughout the world.

    

    The Plan
is intended to qualify for exemption from Section 409A of the Code, by reason of
the short-term deferral rule set forth in Section 1.409A-1(b)(4) of the Treasury
Regulations.  No person acquires a legally binding right to any Award
hereunder until the year following the Performance Period, except Awards
governed by Articles 11 and 12.  Awards governed by Articles 11 and 12
will be paid by March 15th of the
year following the Performance Period in which the legally binding right to the
Award arose.  Awards otherwise will be paid in the year following the
Performance Period, unless deferred under a separate plan pursuant to Article
9.

    

    1.2           Effective
Date

    

    The Plan,
in its amended and restated form, will be effective as of January 1,
2009.

    

    

    
      
         

      

      
        1

        
        

      

      
         

      

    

    ARTICLE
2  --  DEFINITIONS

    

    2.1           Actual
Award Pool

    

    “Actual
Award Pool” means, for a Performance Period, the amount determined in accordance
with Section 7.2(d).  The Actual Award Pool for a Performance Period
determines the aggregate amount of all the Awards that are to be issued under
the Plan for such Performance Period.

    

    2.2           Award

    

    “Award”
means the compensation granted to a Participant by the Committee for a
Performance Period pursuant to Articles 7 and 8.  All Awards shall be
issued in the form specified by Article 5.

    

    2.3           Award
Pool

    

    “Award
Pool” means, for a Performance Period, the dollar amount calculated in
accordance with Section 7.2(b) by applying the Performance Formula for such
Performance Period against the Performance Goals for the same Performance
Period.

    

    2.4           Award
Payment Date

    

    “Award
Payment Date” means, for each Performance Period, the date that the amount of
the Award for that Performance Period shall be paid to the Participant under
Article 8, without regard to any election to defer receipt of the Award made by
the Participant under Article 9 of the Plan.

    

    2.5           Board

    

    “Board”
means the Board of Directors of Kodak.

    

    2.6           Capital
Charge

    

    “Capital
Charge” means, for a Performance Period, the amount obtained by multiplying the
Cost of Capital for the Performance Period by Operating Net Assets for the
Performance Period.

    

    2.7           Cause

    

    “Cause”
means (a) the willful and continued failure by a Key Employee to substantially
perform his or her duties with his or her employer after written warnings
identifying the lack of substantial performance are delivered to the Key
Employee by his or her employer to specifically identify the manner in which the
employer believes that the Key Employee has not substantially performed his or
her duties; or (b) the willful engaging by a Key Employee in illegal conduct
which is materially and demonstrably injurious to the Company. 

    
      
         

      

      
        2

        
        

      

      
         

      

    

    

    2.8           CEO

    

    “CEO”
means the Chief Executive Officer of Kodak.

    

    2.9           Change
In Control

    

    
      
        	
                “Change
      in Control” means the occurrence of any one of the following
      events:

              

      

    

    

    
      	
               
      

            	
              (a)

            	
              individuals
      who, on December 9, 1999, constitute the Board (the “Incumbent Directors”)
      cease for any reason to constitute at least a majority of the Board,
      provided that any person becoming a director subsequent to December 9,
      1999, whose election or nomination for election was approved by a vote of
      at least two-thirds of the Incumbent Directors then on the Board (either
      by a specific vote or by approval of the proxy statement of Kodak in which
      such person is named as a nominee for director, without written objection
      to such nomination) shall be an Incumbent Director; provided, however, that
      no individual initially elected or nominated as a director of Kodak as a
      result of an actual or threatened election contest (as described in Rule
      14a-11 under the Act) (“Election Contest”) or any other actual or
      threatened solicitation of proxies or consents by or on behalf of any
      “person” (as such term is defined in Section 3(a)(9) of the Act) other
      than the Board (“Proxy Contest”), including by reason of any agreement
      intended to avoid or settle any Election Contest or Proxy Contest, shall
      be deemed to be an Incumbent
Director;

            

    

    

    
      	
               
      

            	
              (b)

            	
              any
      person is or becomes a “beneficial owner” (as defined in Rule 13d-3 under
      the Act), directly or indirectly, of securities of Kodak representing 25%
      or more of the combined voting power of Kodak’s then outstanding
      securities eligible to vote for the election of the Board (the “Kodak
      Voting Securities”); provided, however, that
      the event described in this paragraph (b) shall not be deemed to be a
      Change in Control by virtue of any of the following acquisitions: (1) by
      Kodak or any subsidiary, (2) by any employee benefit plan (or related
      trust) sponsored or maintained by Kodak or any subsidiary, or (3) by any
      underwriter temporarily holding securities pursuant to an offering of such
      securities;

            

    

    
      
         

      

      
        3

        
        

      

      
         

      

    

    

    
      	
               
      

            	
              (c)

            	
              the
      consummation of a merger, consolidation, statutory share exchange or
      similar form of corporate transaction involving Kodak or any of its
      subsidiaries that requires the approval of Kodak’s shareholders, whether
      for such transaction or the issuance of securities in the transaction (a
      “Reorganization”), or sale or other disposition of all or substantially
      all of 

            

    

    
      	
               
      

            	
              Kodak’s
      assets to an entity that is not an affiliate of Kodak (a “Sale”), unless
      immediately following such Reorganization or Sale:  (1) more
      than 60% of the total voting power of (x) the corporation resulting from
      such Reorganization or Sale (the “Surviving Company”), or (y) if
      applicable, the ultimate parent corporation that directly or indirectly
      has beneficial ownership of 100% of the voting securities eligible to
      elect directors of the Surviving Company (the “Parent Company”), is
      represented by Kodak Voting Securities that were outstanding immediately
      prior to such Reorganization or Sale (or, if applicable, is represented by
      shares into which such Kodak Voting Securities were converted pursuant to
      such Reorganization or Sale), and such voting power among the holders
      thereof is in substantially the same proportion as the voting power of
      such Kodak Voting Securities among the holders thereof immediately prior
      to the Reorganization or Sale, (2) no person (other than any employee
      benefit plan (or related trust) sponsored or maintained by the Surviving
      Company or the Parent Company), is or becomes the beneficial owner,
      directly or indirectly, of 25% or more of the total voting power of the
      outstanding voting securities eligible to elect directors of the Parent
      Company (or, if there is no Parent Company, the Surviving Company) and (3)
      at least a majority of the members of the board of directors of the Parent
      Company (or, if there is no Parent Company, the Surviving Company)
      following the consummation of the Reorganization or Sale were Incumbent
      Directors at the time of the Board’s approval of the execution of the
      initial agreement providing for such Reorganization or Sale (any
      Reorganization or Sale which satisfies all of the criteria specified in
      (1), (2) and (3) above shall be deemed to be a “Non-Qualifying
      Transaction”); or

            

    

    

    
      	
               
      

            	
              (d)

            	
              the
      shareholders of Kodak approve a plan of complete liquidation or
      dissolution of Kodak.

            

    

    

    Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because
any person acquires beneficial ownership of more than 25% of Kodak Voting
Securities as a result of the acquisition of Kodak Voting Securities by Kodak
which reduces the number of Kodak Voting Securities outstanding; provided that if after such
acquisition by Kodak such person becomes the beneficial owner of additional
Kodak Voting Securities that increases the percentage of outstanding Kodak
Voting Securities beneficially owned by such person, a Change in Control shall
then occur.

    
      
         

      

      
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    2.10         Change
In Ownership

    

    "Change
In Ownership” means a Change In Control that results directly or indirectly in
Kodak’s Common Stock ceasing to be actively traded on the New York Stock
Exchange.

    

    2.11         Code

    

    “Code”
means the Internal Revenue Code of 1986, as amended from time to time, including
regulations thereunder and successor provisions and regulations
thereto.

    

    2.12         Committee

    

    “Committee”
means the Executive Compensation and Development Committee of the Board, or such
other Board committee as may be designated by the Board to administer the Plan;
provided that the Committee shall consist of three or more directors, all of
whom are both a “Non-Employee Director” within the meaning of Rule 16b-3 under
the Exchange Act and an “outside director” within the meaning of the definition
of such term as contained in Proposed Treasury Regulation Section
1.162-27(e)(3), or any successor definition adopted.

    

    2.13         Common
Stock

    

    “Common
Stock,” means the common stock, $2.50 par value per share, of Kodak that may be
newly issued or treasury stock.

    

    2.14         Company

    

    “Company”
means Kodak and its Subsidiaries.

    

    2.15         Cost
of Capital

    

    “Cost of
Capital” means, for a Performance Period, the estimated weighted average of the
Company’s cost of equity and cost of debt for the Performance Period as
determined by the Committee in its sole and absolute discretion.  The
Committee will determine the Cost of Capital for a Performance Period within the
first 90 days of the Performance Period.

    

    2.16         Covered
Employee

    

    “Covered
Employee” means a Key Employee who is either a “Covered Employee” within the
meaning of Section 162(m) of the Code or a Key Employee who the Committee has
identified as a potential “Covered Employee” within the meaning of Section
162(m) of the Code.

    
      
         

      

      
        5

        
        

      

      
         

      

    

    2.17         Disability

    

    “Disability”
means a disability under the terms of any long-term disability plan maintained
by the Company.

    

    2.18         Economic
Profit

    

    “Economic
Profit” means, for a Performance Period, the Net Operating Profit After Tax that
remains after subtracting the Capital Charge for such Performance
Period.  Economic Profit may be expressed as follows: Economic Profit
= Net Operating Profit After Tax – Capital Charge.  Economic Profit
may be either positive or negative.

    

    2.19         Effective
Date

    

    “Effective
Date” means the date an Award is determined to be effective by the Committee
upon its grant of such Award.

    

    2.20         Exchange
Act or Act

    

    “Exchange
Act” or “Act” means the Securities Exchange Act of 1934, as amended from time to
time, including rules thereunder and successor provisions and rules
thereto.

    

    2.21         Key
Employee

    

    “Key
Employee” means either (a) a salaried employee of the Company in wage grade 48
or above, or the equivalent thereof; or (b) a salaried employee of the Company
who holds a position of responsibility in a managerial, administrative, or
professional capacity and is in wage grade 43 or above.

    

    2.22         Kodak

    

    “Kodak”
means Eastman Kodak Company.

    

    2.23         Negative
Discretion

    

    “Negative
Discretion” means the discretion granted to the Committee pursuant to Section
7.2(c) to reduce or eliminate the portion of the Award Pool allocated to a
Covered Employee.

    
      
         

      

      
        6

        
        

      

      
         

      

    

    

    2.24         Net
Operating Profit After Tax

    

    “Net
Operating Profit After Tax” means, for a Performance Period, the after-tax
operating earnings of the Company for the Performance Period adjusted for
interest
expense and Wang in-process R&D.  The Committee is authorized at
any time during the first 90 days of a Performance Period, or at any time
thereafter in its sole and absolute discretion, to adjust or modify the
calculation of Net Operating Profit After Tax for such Performance Period in
order to prevent the dilution or enlargement of the rights of Participants, (a)
in the event of, or in anticipation of, any dividend or other distribution
(whether in the form of cash, securities or other property), recapitalization,
restructuring, reorganization, merger, consolidation, spin off, combination,
repurchase, share exchange, liquidation, dissolution, or other similar corporate
transaction, event or development; (b) in recognition of, or in anticipation of,
any other unusual or nonrecurring event affecting the Company, or the financial
statements of the Company, or in response to, or in anticipation of, changes in
applicable laws, regulations, accounting principles, or business conditions; (c)
in recognition of, or in anticipation of, any other extraordinary gains or
losses; and (d) in view of the Committee’s assessment of the business strategy
of the Company, performance of comparable organizations, economic and business
conditions, and any other circumstances deemed relevant.  However, if
and to the extent the exercise of such authority after the first 90 days of a
Performance Period would cause the Awards granted to the Covered Employees for
the Performance Period to fail to qualify as “Performance-Based Compensation”
under Section 162(m) of the Code, then such authority shall only be exercised
with respect to those Participants who are not Covered Employees.

    

    2.25         Operating
Net Assets

    

    “Operating
Net Assets” means, for a Performance Period, the net investment used in the
operations of the Company.  Operating Net Assets is calculated from
the Company’s audited consolidated financial statements as being total assets
minus non-interest-bearing liabilities adjusted for last in first out LIFO
inventories, postemployment benefits other than pensions (OPEB) and Wang
in-process R&D.  The Committee is authorized at any time during a
Performance Period to adjust or modify the calculation of Operating Net Assets
for such Performance Period in order to prevent the dilution or enlargement of
the rights of Participants, (a) in the event of, or in anticipation of, any
dividend or other distribution (whether in the form of cash, securities or other
property), recapitalization, restructuring, reorganization, merger,
consolidation, spin off, combination, repurchase, share exchange, liquidation,
dissolution, or other similar corporate transaction, event or development; (b)
in recognition of, or in anticipation of, any other unusual or nonrecurring
event affecting the Company, or the financial statements of the Company, or in
response to, or in anticipation of, changes in applicable laws, regulations,
accounting principles, or business conditions; (c) in

    
      
         

      

      
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    recognition
of, or in anticipation of, any other extraordinary gains or losses; and (d) in
view of the Committee’s assessment of the business strategy of the Company,
performance of comparable organizations, economic and business conditions, and
any other circumstances deemed relevant.  However, if and to the
extent the exercise of such authority after the first 90 days of a Performance
Period
would cause the Awards granted to the Covered Employees for the Performance
Period to fail to qualify as “Performance-Based Compensation” under Section
162(m) of the Code, then such authority shall only be exercised with respect to
those Participants who are not Covered Employees.

    

    2.26         Participant

    

    “Participant,”
means for a Performance Period, a Key Employee who is designated to participate
in the Plan for the Performance Period pursuant to Article 3.

    

    2.27         Performance
Criteria

    

    “Performance
Criteria” shall mean any of the following for the Company on a consolidated
basis and/or for any subsidiary, division, business unit or one or more business
segments: return on net assets (RONA), return on shareholders’ equity, return on
assets, return on capital, shareholder returns, total shareholder return, return
on invested capital, profit margin, earnings per share, net earnings, operating
earnings, Common Stock price per share, sales or market share, unit
manufacturing cost, working capital, productivity, days sales in inventory, days
sales outstanding, revenue, revenue growth, cash flow and investable cash
flow.

    

    2.28         Performance
Formula

    

    “Performance
Formula” means, for a Performance Period, the one or more objective formulas
applied against the Performance Goals to determine the Award Pool for the
Performance Period.  The Performance Formula for a Performance Period
shall be established in writing by the Committee within the first 90 days of the
Performance Period (or, if later, within the maximum period allowed pursuant to
Section 162(m) of the Code).

    

    2.29         Performance
Goals

    

    “Performance
Goals” means, for a Performance Period, the one or more goals for the
Performance Period established by the Committee in writing within the first 90
days of the Performance Period (or, if longer, within the maximum period allowed
pursuant to Section 162(m) of the Code) based upon the Performance
Criteria.  The Committee is authorized at any time during the first 90
days of a Performance Period, or at any time thereafter in its sole and absolute
discretion, to adjust or modify the calculation of a Performance Goal for such
Performance Period in order to prevent the dilution or enlargement of the rights
of Participants, (a) in the event of, or in anticipation of, any unusual or
extraordinary corporate item, transaction, event or development; (b) in
recognition of, or in anticipation of, any other unusual or nonrecurring events
affecting the Company, or the financial statements of the Company, or in
response to, or in anticipation of, changes in applicable laws, regulations,
accounting principles, or business conditions; and (c) in view of the
Committee's assessment of the business strategy of the 

    
      
         

      

      
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    Company,
performance of comparable organizations, economic and business conditions, and
any other circumstances deemed relevant.  However, to the extent the
exercise of such authority after the first 90 days of a Performance Period would
cause the Awards granted to the Covered Employees for the Performance Period to
fail to qualify as “Performance-Based Compensation” under Section 162(m) of the
Code, then such authority shall only be exercised with respect to those
Participants who are not Covered Employees.

    

    2.30         Performance
Period

    

    “Performance
Period” means Kodak’s fiscal year.

    

    2.31         Plan

    

    “Plan”
means the Executive Compensation for Excellence and Leadership
plan.

    

    2.32         Retirement

    

    “Retirement”
means, in the case of a Participant employed by Kodak, voluntary termination of
employment: (i) on or after age 55 with 10 or more years of service or on or
after age 65; or (ii) at any time if the Participant had an age and years of
service combination of at least 75 points on December 31, 1995.  In
the case of a Participant employed by a Subsidiary, “Retirement” means early or
normal retirement under the terms of the Subsidiary’s retirement plan, or if the
Subsidiary does not have a retirement plan, termination of employment on or
after age 60.  A Participant must voluntarily terminate his or her
employment in order for his or her termination of employment to be for
“Retirement.”

    

    2.33         Subsidiary

    

    Subsidiary
means a corporation or other business entity in which Kodak directly or
indirectly has an ownership interest of at least 50%.

    

    2.34         Target
Award

    

    “Target
Award” means, for a Performance Period, the target award amounts established for
each wage grade by the Committee for the Performance Period.  A
Participant’s Target Award for a Performance Period is expressed as a percentage
of his or her annual base salary in effect as of the last day of the Performance
Period.  The Target Awards shall serve only as a guideline in making
Awards under the Plan.  Depending upon the Committee’s exercise of its
discretion pursuant to Sections 7.2(c), (d) and (e), but subject to Section 7.3,
a Participant may receive an Award for a Performance Period that may be more or
less than the Target Award for his or her wage grade for that Performance
Period.  Moreover, the fact that a Target Award is established for a
Participant’s wage grade for a Performance Period shall not

    
      
         

      

      
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    in any
manner entitle the Participant to receive an Award for such period.

    

    2.35         Investable
Cash Flow

    

    “Investable
Cash Flow” means the Company’s operating cash flow for the year less the cost of
acquisitions.

    
      
         

      

      
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    ARTICLE
3  --  ELIGIBILITY

    

    All Key
Employees are eligible to participate in the Plan.  The Committee
will, in its sole discretion, designate within the first 90 days of a
Performance Period which Key Employees will be Participants for such Performance
Period.  However, the fact that a Key Employee is a Participant for a
Performance Period shall not in any manner entitle such Participant to receive
an Award for the period.  The determination as to whether or not such
Participant shall be paid an Award for such Performance Period shall be decided
solely in accordance with the provisions of Articles 7 and 8
hereof.

    
      
         

      

      
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    ARTICLE
4  --  PLAN ADMINISTRATION

    

    4.1           Responsibility

    

    The
Committee shall have total and exclusive responsibility to control, operate,
manage and administer the Plan in accordance with its terms.

    

    4.2           Authority
of the Committee

    

    The
Committee shall have all the authority that may be necessary or helpful to
enable it to discharge its responsibilities with respect to the
Plan.  Without limiting the generality of the preceding sentence, the
Committee shall have the exclusive right: to interpret the Plan, to determine
eligibility for participation in the Plan, to decide all questions concerning
eligibility for and the amount of Awards payable under the Plan, to establish
and administer the Performance Goals and certify whether, and to what extent,
they are attained, to construe any ambiguous provision of the Plan, to correct
any default, to supply any omission, to reconcile any inconsistency, to issue
administrative guidelines as an aid to administer the Plan, to make regulations
for carrying out the Plan and to make changes in such regulations as it from
time to time deems proper, and to decide any and all questions arising in the
administration, interpretation, and application of the Plan.  In
addition, in order to enable Key Employees who are foreign nationals or are
employed outside the United States or both to receive Awards under the Plan, the
Committee may adopt such amendments, procedures, regulations, subplans and the
like as are necessary or advisable, in the opinion of the Committee, to
effectuate the purposes of the Plan.

    

    4.3           Discretionary
Authority

    

    The
Committee shall have full discretionary authority in all matters related to the
discharge of its responsibilities and the exercise of its authority under the
Plan including, without limitation, its construction of the terms of the Plan
and its determination of eligibility for participation and Awards under the
Plan.  It is the intent of Plan that the decisions of the Committee
and its action with respect to the Plan shall be final, binding and conclusive
upon all persons having or claiming to have any right or interest in or under
the Plan.

    

    4.4           Section
162(m) of the Code

    

    With
regard to all Covered Employees, the Plan shall for all purposes be interpreted
and construed in accordance with Section 162(m) of the Code.

    
      
         

      

      
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    4.5           Delegation
of Authority

    

    Except to
the extent prohibited by law, the Committee may delegate some or all of its
authority under the Plan to any person or persons as long as any such delegation
is in writing; provided, however, only the Committee may select and grant Awards
to Participants who are Covered Employees.

    
      
         

      

      
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    ARTICLE
5  -- FORM OF AWARDS

    

    All
Awards will be paid in cash or Common Stock, or a combination thereof, at the
discretion of the Committee.  To the extent an award is paid in Common
Stock, such Stock will be issued under the 2005 Omnibus Long-Term Compensation
Plan of Eastman Kodak Company, or any applicable successor
plan.

    
      
         

      

      
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    ARTICLE
6  --  SETTING PERFORMANCE GOALS AND PERFORMANCE
FORMULA

    

    Within
the first 90 days of a Performance Period (or, if longer, within the maximum
period allowed pursuant to Section 162(m) of the Code), the Committee shall
establish in writing:

    

    
      	
               
      

            	
              (a)

            	
              the
      one or more Performance Goals for the Performance Period based upon the
      Performance Criteria;

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      one or more Performance Formulas for the Performance Period;
      and

            

    

    

    
      	
               
      

            	
              (c)

            	
              an
      objective means of allocating, on behalf of each Covered Employee, a
      portion of the Award Pool (not to exceed the amount set forth in Section
      7.3(b)) to be granted, subject to the Committee’s exercise of Negative
      Discretion, for such Performance Period in the event the Performance Goals
      for such period are attained.

            

    

    

    
      
         

      

      
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    ARTICLE
7  --  AWARD DETERMINATION

    

    7.1           Certification

    

    
      	
               
      

            	
              (a)

            	
              In
      General.  As soon as practicable following the
      availability of performance results for the completed Performance Period,
      the Committee shall determine the Company's performance in relation to the
      Performance Goals for that period and certify in writing whether the
      Performance Goals were satisfied.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Performance Goals
      Achieved.  If the Committee certifies that the
      Performance Goals for a Performance Period were satisfied, it shall
      determine the Awards for such Performance Period by following the
      procedure described in Section 7.2.   During the course of
      this procedure, the Committee shall certify in writing for the Performance
      Period the amount of: (i) the Award Pool; and (ii) the Award Pool to be
      allocated to each Covered Employee in accordance with Section
      7.2(c).

            

    

    

    
      	
               
      

            	
              (c)

            	
              Performance Goals Not
      Achieved.  In the event the Performance Goals for a
      Performance Period are not satisfied, the limitation contained in Section
      7.3(c) shall apply to the Covered
Employees.

            

    

    

    7.2           Calculation
of Awards

    

    
      	
               
      

            	
              (a)

            	
              In
      General.  As detailed below in the succeeding provisions
      of this Section 7.2, the procedure for determining Awards for a
      Performance Period involves the following
steps:

            

    

    

    (1)           determining
the Award Pool;

    (2)           allocating
the Award Pool to Covered Employees;

    (3)           determining
the Actual Award Pool; and

    
      	
               
      

            	
              (4)

            	
              allocating
      the Actual Award Pool among individual Participants other than Covered
      Employees.

            

    

    

    Upon
completion of this process, any Awards earned for the Performance Period shall
be paid in accordance with Article 8.

    

    
      	
               
      

            	
              (b)

            	
              Determining Award
      Pool.  The Committee shall determine the Award Pool for
      the Performance Period by applying the Performance Formula for such
      Performance Period against the Performance Goals for the same Performance
      Period.

            

    

    
      
         

      

      
        16

        
        

      

      
         

      

    

    

    
      	
               
      

            	
              (c)

            	
              Allocating Award Pool to
      Covered Employees.  The Committee shall determine, by way
      of the objective means established pursuant to Article 6, the portion of
      the Award Pool that is to be allocated to each Covered Employee for the
      Performance

            

    

    
      	
               
      

            	
              Period.  The
      Committee shall have no discretion to increase the amount of any Covered
      Employee’s Award as so determined, but may through Negative Discretion
      reduce the amount of or totally eliminate such Award if it determines, in
      its absolute and sole discretion, that such a reduction or elimination is
      appropriate.

            

    

    

    
      	
               
      

            	
              (d)

            	
              Determining Actual Award
      Pool.  The Committee may use its discretion to adjust
      upward or downward the amount of the Award Pool for any Performance
      Period.  No such adjustment will, however, affect the amount of
      the Awards paid to the Covered Employees for the Performance
      Period.  To the extent the Committee determines to exercise
      discretion with regard to the Award Pool for a Performance Period, the
      amount remaining after such adjustment shall be the Actual Award Pool for
      the Performance Period.  Thus, if the Committee elects not to
      exercise discretion with respect to the Award Pool for a Performance
      Period, the amount of the Actual Award Pool for the Performance Period
      will equal the amount of the Award Pool for such
      period.  Examples of situations where the Committee may choose
      to exercise this discretion include unanticipated economic or market
      changes, extreme currency exchange effects, management or significant
      workforce issues, or dramatic shifts in customer
    satisfaction.

            

    

    

    
      	
               
      

            	
              (e)

            	
              Allocating Actual Award Pool to
      Individual Participants Other Than Covered
      Employee.  Based on such factors, indicia, standards,
      goals, criteria and/or measures that the Committee shall determine, the
      Committee shall, in its sole and absolute discretion, determine for each
      Participant, other than those that are Covered Employees, the portion, if
      any, of the Actual Award Pool that will be awarded to such Participant for
      the Performance Period.  By way of illustration, and not by way
      of limitation, the Committee may, but shall not be required to, consider:
      (1) the Participant’s position and level of responsibility, individual
      merit, contribution to the success of the Company and Target Award; (2)
      the performance of the Company or the organizational unit of the
      Participant based upon attainment of financial and other performance
      criteria and goals; and (3) business unit, division or department
      achievements.

            

    

    
      
         

      

      
        17

        
        

      

      
         

      

    

    

    
      	
              7.3

            	
              Limitations
      on Awards

            

    

    

    The
provisions of this Section 7.3 shall control over any Plan provision to the
contrary.

     

    
      	
              
      

            	
              (a)

            	
              Maximum Award
      Pool.  The total of all Awards granted for a Performance
      Period shall not exceed the amount of the Actual Award Pool for such
      Performance Period. 

            

       

    

    
      	
               
      

            	
              (b)

            	
              Maximum Award Payable to
      Covered Employees.  The maximum Award payable to any
      Covered Employee under the Plan for a Performance Period shall be
      $5,000,000.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Attainment of Performance
      Goals.  The Performance Goals for a Performance Period
      must be achieved in order for a Covered Employee to receive an Award for
      such Performance Period.

            

    

    
      
         

      

      
        18

        
        

      

      
         

      

    

    ARTICLE
8  --  PAYMENT OF AWARDS FOR A PERFORMANCE
PERIOD

    

    8.1           Termination
of Employment

    

    The
Committee shall determine rules regarding the treatment of a Participant under
the Plan for a Performance Period in the event of the Participant’s termination
of employment prior to the Award Payment Date for such Performance
Period.

    

    8.2           Timing
of Award Payments

    

    Unless
deferred pursuant to Article 9 hereof and subject to Articles 11 and 12, the
Awards granted for a Performance Period shall be paid to Participants on the
Award Payment Date for such Performance Period, which date shall occur as soon
as administratively practicable following the completion of the procedure
described in Section 7.2, and in any event shall occur during the calendar year
immediately following the Performance Period

    

    
      
         

      

      
        19

        
        

      

      
         

      

    

    ARTICLE
9  --  DEFERRAL OF AWARDS

    

    At the
discretion of the Committee, a Participant may, subject to such terms and
conditions as the Committee may determine, elect to defer payment of all or any
part of any Award which the Participant might earn with respect to a Performance
Period and which is paid in cash by complying with such procedures as the
Committee may prescribe.  Any Award, or portion thereof, upon which
such an election is made shall be deferred into, and be subject to the terms,
conditions and requirements of, the Eastman Kodak Employees’ Savings and
Investment Plan, 1982 Eastman Kodak Company Executive Deferred Compensation Plan
or such other applicable deferred compensation plan of the
Company.

    
      
         

      

      
        20

        
        

      

      
         

      

    

    

    ARTICLE
10 --

    

    Intentionally
omitted.

    
      
         

      

      
        21

        
        

      

      
         

      

    

    

    ARTICLE
11  --  CHANGE IN OWNERSHIP

    

    11.1        Background

    

    Notwithstanding
any provision contained in the Plan, including, but not limited to, Sections
1.1, 4.4 and 13.9, the provisions of this Article 11 shall control over any
contrary provision.  Upon a Change in Ownership: (a) the terms of this
Article 11 shall immediately become operative, without further action or consent
by any person or entity; (b) all terms, conditions, restrictions and limitations
in effect on any unpaid and/or deferred Award shall immediately lapse as of the
date of such event; and (c) no other terms, conditions, restrictions, and/or
limitations shall be imposed upon any Awards on or after such date, and in no
event shall an Award be forfeited on or after such date.  Nothing
herein overrides the terms of any plan under which an Award was deferred
pursuant to Article 9, and any such deferred Awards remain subject to the terms
of such deferred compensation plan.

    

    11.2        Payment
of Awards

    

    Upon a
Change in Ownership, any Key Employee, whether or not he or she is still
employed by the Company, shall be paid, as soon as practicable but in no event
later than 60 days after the Change in Ownership, the Awards set forth in (a)
and (b) below:

    

    
      	
               
      

            	
              (a)

            	
              All
      of the Key Employee’s unpaid Awards;
and

            

    

    

    
      	
               
      

            	
              (b)

            	
              A
      pro-rata Award for the Performance Period in which the Change in Ownership
      occurs.  The amount of the pro-rata Award shall be determined by
      multiplying the Target Award for such Performance Period for Participants
      in the same wage grade as the Key Employee by a fraction, the numerator of
      which shall be the number of full months in the Performance Period prior
      to the date of the Change in Ownership and the denominator of which shall
      be the total number of full months in the Performance
      Period.  For purposes of this calculation, a partial month shall
      be treated as a full month to the extent 15 or more days in such month
      have elapsed.  To the extent Target Awards have not yet been
      established for the Performance Period, the Target Awards for the
      immediately preceding Performance Period shall be used.  The
      pro-rata Awards shall be paid to the Key Employee in the form of a
      lump-sum cash payment.

            

    

    
      
         

      

      
        22

        
        

      

      
         

      

    

    

    11.3        Miscellaneous

    

    Upon a
Change In Ownership, no action, including, but not by way of limitation, the
amendment, suspension, or termination of the Plan, shall be taken which
would
affect the rights of any Key Employee or the operation of the Plan with respect
to any Award to which the Key Employee may have become entitled hereunder on or
prior to the date of such action or as a result of such Change In
Ownership.

    
      
         

      

      
        23

        
        

      

      
         

      

    

    

    ARTICLE
12  --  CHANGE IN CONTROL

    

    12.1        Background

    

    Notwithstanding
any provision contained in the Plan, including, but not limited to, Sections
1.1, 4.4 and 13.9, the provisions of this Article 12 shall control over any
contrary provision.  All Key Employees shall be eligible for the
treatment afforded by this Article 12 if their employment with the Company
terminates within two years following a Change In Control, unless the
termination is due to (a) death; (b) Disability; (c) Cause; (d) resignation
other than (1) resignation from a declined reassignment to a job that is not
reasonably equivalent in responsibility or compensation (as defined in Kodak’s
Termination Allowance Plan), or that is not in the same geographic area (as
defined in Kodak’s Termination Allowance Plan), or (2) resignation within thirty
days of a reduction in base pay; or (e) Retirement.

    

    12.2        Vesting
and Lapse of Restrictions

    

    If a Key
Employee qualifies for treatment under Section 12.1, his or her Awards shall be
treated in the manner described in Subsections 11.1(b) and
(c).  Nothing herein overrides the terms of any plan under which an
Award was deferred pursuant to Article 9, and any such deferred Awards remain
subject to the terms of such deferred compensation plan.

    

    12.3        Payment
of Awards

    

    If a Key
Employee qualifies for treatment under Section 12.1, he or she shall be paid, as
soon as practicable but in no event later than 60 days after his or her
termination of employment, the Awards set forth in (a) and (b)
below:

    

    
      	
               
      

            	
              (a)

            	
              All
      of the Key Employee’s unpaid Awards;
and

            

    

    

    
      	
               
      

            	
              (b)

            	
              A
      pro-rata Award for the Performance Period in which his or her termination
      of employment occurs.  The amount of the pro-rata Award shall be
      determined by multiplying the Target Award for such Performance Period for
      Participants in the same wage grade as the Key Employee by a fraction, the
      numerator of which shall be the number of full months in the Performance
      Period prior to the date of the Key Employee’s termination of employment
      and the denominator of which shall be the total number of full months in
      the Performance Period.  For purposes of this calculation, a
      partial month shall be treated as a full month to the extent 15 or more
      days in such month have elapsed.  To the extent Target Awards
      have not yet been established for the Performance Period, the Target
      Awards for the immediately preceding Performance Period shall be
      

            

    

    
      
         

      

      
        24

        
        

      

      
         

      

    

    
      	
               
      

            	
              used.  The
      pro-rata Awards shall be paid to the Key Employee in the form of a
      lump-sum cash payment.

            

    

    

    Furthermore,
during the two years following a Change in Control while these provisions remain
in effect, Awards to any Key Employees who qualify for Awards (in accordance
with the normal terms of the Plan or in accordance with this Article 12) will be
paid no later than March 15th of the
year following the Performance Period, in order to ensure that all Awards are
paid within the short-term deferral period described in Section 1.409A-1(b)(4)
of the Treasury Regulations.

    

    12.4        Miscellaneous

    

    Upon a
Change In Control, no action, including, but not by way of limitation, the
amendment, suspension, or termination of the Plan, shall be taken which would
affect the rights of any Key Employee or the operation of the Plan with respect
to any Award to which the Key Employee may have become entitled hereunder prior
to the date of the Change In Control or to which he or she may become entitled
as a result of such Change In Control.

    
      
         

      

      
        25

        
        

      

      
         

      

    

    ARTICLE
13  --  MISCELLANEOUS

    

    13.1             Nonassignability

    

    No Awards
under the Plan shall be subject in any manner to alienation, anticipation, sale,
transfer (except by will or the laws of descent and distribution), assignment,
pledge, or encumbrance, nor shall any Award be payable to anyone other than the
Participant to whom it was granted.

    

    13.2             Withholding
Taxes

    

    The
Company shall be entitled to deduct from any payment under the Plan, regardless
of the form of such payment, the amount of all applicable income and employment
taxes required by law to be withheld with respect to such payment or may require
the Participant to pay to it such tax prior to and as a condition of the making
of such payment.

    

    13.3             Amendments
to Awards

    

    The
Committee may at any time unilaterally amend any unearned, deferred or unpaid
Award, including, but not by way of limitation, Awards earned but not yet paid,
to the extent it deems appropriate; provided, however, that any such amendment
which, in the opinion of the Committee, is adverse to the Participant shall
require the Participant's consent.

    

    
      	
              13.4

            	
              No
      Right to Continued Employment or
Grants

            

    

    

    Participation
in the Plan shall not give any Key Employee any right to remain in the employ of
the Company.  Kodak or, in the case of employment with a Subsidiary,
the Subsidiary, reserves the right to terminate any Key Employee at any
time.  Further, the adoption of this Plan shall not be deemed to give
any Key Employee or any other individual any right to be selected as a
Participant or to be granted an Award.

    

    13.5             Amendment/Termination

    

    The
Committee may suspend or terminate the Plan at any time with or without prior
notice.  In addition, the Committee, or any person to whom the
Committee has delegated the requisite authority, may, from time to time and with
or without prior notice, amend the Plan in any manner, but may not without
shareholder approval adopt any amendment which would require the vote of the
shareholders of Kodak pursuant to Section 162(m) of the Code, but only insofar
as such amendment affects Covered Employees.

    
      
         

      

      
        26

        
        

      

      
         

      

    

    13.6             Governing
Law

    

    The Plan
shall be governed by and construed in accordance with the laws of the State of
New York, except as superseded by applicable Federal Law, without giving effect
to its conflicts of law provisions.

    

    
      	
              13.7

            	
              No
      Right, Title, or Interest in Company
Assets

            

    

    

    To the
extent any person acquires a right to receive payments from the Company under
this Plan, such rights shall be no greater than the rights of an unsecured
creditor of the Company and the Participant shall not have any rights in or
against any specific assets of the Company.  All of the Awards granted
under the Plan shall be unfunded.

    

    13.8             No
Guarantee of Tax Consequences

    

    No person
connected with the Plan in any capacity, including, but not limited to, Kodak
and its Subsidiaries and their directors, officers, agents and employees makes
any representation, commitment, or guarantee that any tax treatment, including,
but not limited to, Federal, state and local income, estate and gift tax
treatment, will be applicable with respect to amounts deferred under the Plan,
or paid to or for the benefit of a Participant under the Plan, or that such tax
treatment will apply to or be available to a Participant on account of
participation in the Plan.

    

    13.9             Compliance
with Section 162(m)

    

    If any
provision of the Plan would cause the Awards granted to a Covered Employee not
to constitute qualified Performance-Based Compensation under Section 162(m) of
the Code, that provision, insofar as it pertains to the Covered Employee, shall
be severed from, and shall be deemed not to be a part of, this Plan, but the
other provisions hereof shall remain in full force and effect.

    

    13.10           Exemption
From Section 409A

    

    The Plan
is intended to be exempt from Section 409A of the Code, and shall be construed
and administered accordingly.

    
      
         

      

      
        27exhibit1022.htm

    Exhibit
(10.22)

    

    Kodak
Executive Protection Plan

    Effective
Date:  January 1, 2009

    As
Amended:  December 12, 2008

    No.
of Pages:  16 plus

    Exhibits
A, B, C, D, E

    

    

    

    

    Eastman
Kodak Company Executive Protection Plan

     

    Article                                                                                                                                                       
  Page

     

    ARTICLE
I.                             PURPOSE AND EFFECTIVE
DATE                                                      
  1

    ARTICLE
II.                            DEFINITIONS                                                                                           
  1

    ARTICLE
III.                           ELIGIBILITY                                                                                               
9

    ARTICLE
IV.                           PAYMENTS UPON TERMINATION OF
EMPLOYMENT               
10

    ARTICLE
V.                            FULL SETTLEMENT; NO
MITIGATION                                             
13

    ARTICLE
VI.                           REIMBURSEMENT OF
EXPENSES                                                      
13

    ARTICLE
VII.                         ADMINISTRATION                                                                      
           13

    ARTICLE
VIII.                        MISCELLANEOUS                                                                         
          14

    

    Exhibit
A     Tier 1 Employees

    Exhibit
B     Tier 2 Employees

    Exhibit
C     Tier 3 Employees

    Exhibit
D     Certain Additional Payments by the
Company

    Exhibit
E      Included Subsidiaries

    

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
                
Kodak Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
1 

           

        

      

    

    

     ARTICLE
I.  PURPOSE AND EFFECTIVE DATE

    

    1.1           Purpose

    

    The
purpose of the Eastman Kodak Company Executive Protection Plan is to secure the
continued services of certain executives of the Eastman Kodak Company and its
subsidiaries and their continued dedication to their duties in the event of any
threat or occurrence of a Change in Control (as defined in Section
2.5).

    

    This Plan
is intended to comply with Section 409A of the Code, and all provisions herein
shall be interpreted and administered accordingly.  Without limitation
of the foregoing, this Plan will be interpreted and administered in accordance
with Eastman Kodak Company’s Policy Regarding Section 409A Compliance with
respect to benefits subject to Code section 409A.

    

    1.2           Effective
Date

    

    The Plan
originally became effective December 9, 1999.  The Plan was amended
effective January 1, 2009, to adopt changes that enable the Plan to comply with
Section 409A of the Code.

    

     

    ARTICLE
II.  DEFINITIONS

    

    2.1           Base
Salary

    

    "Base
Salary" means the highest annual rate of base salary payable by the Company to a
Participant during the 12-month period immediately prior to the Participant's
Date of Termination.

    

    2.2           Board

    

    "Board"
means the Board of Directors of Kodak or, in the event of a transaction
described in Section 2.5(c), the Board of Directors of the "Parent Company," as
defined in clause (1)(y) of such section.

    

    2.3           Bonus
Amount

    

    "Bonus
Amount" means the Participant's target bonus under the applicable Company annual
incentive compensation plan for the year in which the Date of Termination occurs
or, if greater, for the year in which the Change in Control
occurs.

    
      
         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
2

          

          

        

      

    

    2.4           Cause

    

    "Cause"
means:

    

    
      	
               
      

            	
              (a)

            	
              for
      Tier 1 Employees (1) the willful and continued failure of the Participant
      to perform substantially the Participant's duties with the Company (other
      than any such failure resulting from the Participant's incapacity due to
      physical or mental illness) after a written demand for substantial
      performance is delivered to the Participant by the Board which
      specifically identifies the manner in which the Board believes that the
      Participant has not substantially performed the Participant's duties, or
      (2) the willful engaging by the Participant in illegal conduct or gross
      misconduct which is demonstrably and materially injurious to the Company
      or its affiliates. For purposes of this paragraph, no act or failure to
      act by the Participant shall be considered "willful" unless done or
      omitted to be done by the Participant in bad faith and without reasonable
      belief that the Participant's action or omission was in the best interests
      of the Company or its affiliates. Any act, or failure to act, based upon
      authority given pursuant to a resolution duly adopted by the Board or
      based upon the advice of counsel for Kodak shall be conclusively presumed
      to be done, or omitted to be done, by the Participant in good faith and in
      the best interests of the Company. Cause shall not exist with respect to
      Tier 1 Employees who were Kodak's "named executive officers" (as defined
      in Item 402(a) of Regulation S-K under the Securities Exchange Act of 1934
      (the "Act")) for the last fiscal year of Kodak prior to a Change in
      Control unless and until Kodak has delivered to the Participant a copy of
      a resolution duly adopted by three-quarters (3/4) of the entire Board
      (excluding the Participant if the Participant is a Board member) at a
      meeting of the Board called and held for such purpose (after reasonable
      notice to the Participant and an opportunity for the Participant, together
      with counsel, to be heard before the Board), finding that in the good
      faith opinion of the Board an event set forth in clauses (1) or (2) has
      occurred and specifying the particulars thereof in detail;
    and

            

    

    

    
      	
               
      

            	
              (b)

            	
              for
      Tier 2 and Tier 3 Employees (1) the willful and continued failure of the
      Participant to perform substantially the Participant's duties with the
      Company (other than any such failure resulting from the Participant's
      incapacity due to physical or mental illness) after a written demand for
      substantial performance is delivered to the Participant by the Company
      which specifically identifies the manner in which the Company believes
      that the Participant has not substantially performed the Participant's
      duties, or (2) the willful engaging by the Participant in illegal conduct
      or gross misconduct which is demonstrably and materially injurious to the
      Company or its affiliates. For purpose of this paragraph, no act or
      failure to act by the Participant shall be considered "willful" unless
      done or omitted to be done by the Participant in bad faith
    and

            

    

    
      
         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
3

          

           

        

      

    

    
      	
               
      

            	
              without
      reasonable belief that the Participant's action or omission was in the
      best interests of the Company or its affiliates. Any act, or failure to
      act, based upon authority given pursuant to a resolution duly adopted by
      the Board or based upon the advice of counsel for Kodak shall be
      conclusively presumed to be done, or omitted to be done, by the
      Participant in good faith and in the best interests of the
      Company.

            

    

    

    2.5           Change
In Control

    

    "Change
in Control" means the occurrence of any one of the following
events:

    

    
      	
               
      

            	
              (a)

            	
              individuals
      who, on December 9, 1999, constitute the Board (the "Incumbent Directors")
      cease for any reason to constitute at least a majority of the Board,
      provided that any person becoming a director subsequent to December 9,
      1999, whose election or nomination for election was approved by a vote of
      at least two-thirds of the Incumbent Directors then on the Board (either
      by a specific vote or by approval of the proxy statement of Kodak in which
      such person is named as a nominee for director, without written objection
      to such nomination) shall be an Incumbent Director; provided, however, that
      no individual initially elected or nominated as a director of Kodak as a
      result of an actual or threatened election contest (as described in Rule
      14a-11 under the Act) ("Election Contest") or any other actual or
      threatened solicitation of proxies or consents by or on behalf of any
      "person" (as such term is defined in Section 3(a)(9) of the Act) other
      than the Board ("Proxy Contest"), including by reason of any agreement
      intended to avoid or settle any Election Contest or Proxy Contest, shall
      be deemed to be an Incumbent
Director;

            

    

    

    
      	
               
      

            	
              (b)

            	
              any
      person is or becomes a "beneficial owner" (as defined in Rule 13d-3 under
      the Act), directly or indirectly, of securities of Kodak representing 25%
      or more of the combined voting power of Kodak's then outstanding
      securities eligible to vote for the election of the Board (the "Company
      Voting Securities"); provided, however, that
      the event described in this paragraph (b) shall not be deemed to be a
      Change in Control by virtue of any of the following acquisitions: (1) by
      Kodak or any Subsidiary, (2) by any employee benefit plan (or related
      trust) sponsored or maintained by the Company or any of its affiliates, or
      (3) by any underwriter temporarily holding securities pursuant to an
      offering of such securities;

            

    

    

    
      	
               
      

            	
              (c)

            	
              the
      consummation of a merger, consolidation, statutory share exchange or
      similar form of corporate transaction involving Kodak or any of its
      Subsidiaries that requires the approval of Kodak's shareholders, whether
      for such transaction or the issuance of securities in the transaction (a
      "Reorganization"), or sale or other disposition of all or substantially
      all of

            

    

    
      
         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
4

          

        

      

    

    
      	
               
      

            	
              Kodak's
      assets to an entity that is not an affiliate of Kodak (a "Sale"), unless
      immediately following such Reorganization or Sale: (1) more than 60% of
      the total voting power of (x) the corporation resulting from such
      Reorganization or Sale (the "Surviving Company"), or (y) if applicable,
      the ultimate parent corporation that directly or indirectly has beneficial
      ownership of 100% of the voting securities eligible to elect directors of
      the Surviving Company (the "Parent Company"), is represented by Company
      Voting Securities that were outstanding immediately prior to such
      Reorganization or Sale (or, if applicable, is represented by shares into
      which such Company Voting Securities were converted pursuant to such
      Reorganization or Sale), and such voting power among the holders thereof
      is in substantially the same proportion as the voting power of such
      Company Voting Securities among the holders thereof immediately prior to
      the Reorganization or Sale, (2) no person (other than any employee benefit
      plan (or related trust) sponsored or maintained by the Surviving Company
      or the Parent Company), is or becomes the beneficial owner, directly or
      indirectly, of 25% or more of the total voting power of the outstanding
      voting securities eligible to elect directors of the Parent Company (or,
      if there is no Parent Company, the Surviving Company) and (3) at least a
      majority of the members of the board of directors of the Parent Company
      (or, if there is no Parent Company, the Surviving Company) following the
      consummation of the Reorganization or Sale were Incumbent Directors at the
      time of the Board's approval of the execution of the initial agreement
      providing for such Reorganization or Sale (any Reorganization or Sale
      which satisfies all of the criteria specified in (1), (2) and (3) above
      shall be deemed to be a "Non-Qualifying Transaction");
  or

            

    

    

    
      	
               
      

            	
              (d)

            	
              the
      shareholders of Kodak approve a plan of complete liquidation or
      dissolution of Kodak.

            

    

    

    Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because
any person acquires beneficial ownership of more than 25% of the Company Voting
Securities as a result of the acquisition of Company Voting Securities by Kodak
which reduces the number of Company Voting Securities outstanding; provided that
if after such acquisition by Kodak such person becomes the beneficial owner of
additional Company Voting Securities that increases the percentage of
outstanding Company Voting Securities beneficially owned by such person, a
Change in Control shall then occur.

    

    For
purposes of Sections 3.2, 4.2 and 8.7, the Plan will be required to determine
whether a Change in Control also qualifies as a “change in the ownership or
effective control of the corporation, or in the ownership of a substantial
portion of the assets of the corporation” within the meaning of Sections
1.409A-3(a)(5) and 1.409A-3(i)(5) of the Treasury Regulations.

    
      
         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
5

          

        

      

    

    

    2.6           Code

    

    “Code”
means the Internal Revenue Code of 1986, as amended.

    

    2.7           Committee

    

    "Committee"
means the Executive Compensation and Development Committee of the Board or other
Board committee appointed by the Board.

    

    2.8           Company

    

    "Company"
means Kodak and the Subsidiaries.

    

    2.9           Date
of Termination

    

    "Date of
Termination" means the date on which the Participant's employment with the
Participant's Employer terminates.  The termination of employment must
qualify as a “separation from service” within the meaning of Code section 409A
(taking into account section 1.409A-1(h) of the Treasury Regulations and other
guidance of general applicability issued thereunder), administered in accordance
with Eastman Kodak Company’s Policy Regarding Section 409A Compliance, provided
that this Plan shall utilize a more-than-50% common control standard as
permitted by the Treasury regulations rather than the 80% rule normally applied
under the Policy.

    

    2.10         Employee

    

    "Employee"
means a regular, full-time employee in wage grade 48 or above or the equivalent
thereof of an Employer.

    

    2.11         Employer

    

    "Employer"
means Kodak or any Subsidiary that is participating in this Plan pursuant to
Section 8.1.

    

    2.12         Good
Reason

    

    "Good
Reason" means:

    

    
      	
               
      

            	
              (a)

            	
              for
      Tier 1 Employees, the occurrence of any of the following events within the
      two-year period following a Change in Control without the Participant's
      express written consent:

            

    

    
      
         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
6

          

          

        

      

    

     

    
      	
               
      

            	
              (1)

            	
              the
      assisnment of, or change in, the duties or responsibilities of the
      Participant that are not comparable in any adverse respect with the
      Participant's duties or responsibilities immediately prior to such Change
      in Control, other than a change in the Participant's titles or reporting
      relationship;

            

    

     

    
      	
               
      

            	
              (2)

            	
              a
      reduction in the Participant's Total Remuneration as in effect immediately
      prior to such Change in Control or as the same may be increased from time
      to time thereafter;

            

    

    

    
      	
               
      

            	
              (3)

            	
              a
      material reduction in the perquisites and fringe benefits provided to the
      Participant immediately prior to the Change in Control or as the same may
      be increased from time to time
thereafter;

            

    

    

    
      	
               
      

            	
              (4)

            	
              the
      failure of a successor to assume the terms, conditions and obligations of
      this Plan in accordance with Section 8.3;
or

            

    

    

    
      	
               
      

            	
              (5)

            	
              an
      amendment or termination of the Plan not permitted pursuant to Section
      8.2.

            

    

    

    An
isolated, insubstantial and inadvertent action taken in good faith and which is
remedied by the Company within seven (7) days after receipt of written notice
thereof given by the Participant to the Company shall not constitute Good
Reason. The Participant's right to terminate employment for Good Reason shall
not be affected by the Participant's incapacities due to mental or physical
illness and the Participant's continued employment shall not constitute consent
to, or a waiver of rights with respect to, any event or condition constituting
Good Reason; and

    

    
      	
               
      

            	
              (b)

            	
              for
      Tier 2 Employees, the occurrence of any of the following events within the
      two-year period following a Change in Control without the Participant's
      express written consent:

            

    

    

    
      	
               
      

            	
              (1)

            	
              the
      assignment of, or change in, the duties or responsibilities of the
      Participant that are not comparable in any adverse respect with the
      Participant's duties or responsibilities immediately prior to such Change
      in Control, other than a change in the Participant's titles or reporting
      relationship;

            

    

    

    
      	
               
      

            	
              (2)

            	
              a
      reduction in the Participant's Total Remuneration as in effect immediately
      prior to such Change in Control or as the same may be increased from time
      to time thereafter; or

            

    

    
      
         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
7

          

        

      

    

    
      	
               
      

            	
              (3)

            	
              reassignment
      of the Participant to a job that is not in the same geographic area as the
      Participant's job immediately prior to such Change in Control unless: (x)
      there is an agreement by the Participant, confirmed in an offer letter or
      other agreement, to reassignment; or (y) the Participant was in a position
      immediately prior to the Change in Control where periodic reassignment is
      standard practice;

            

    

    

    
      	
               
      

            	
              (4)

            	
              the
      failure of a successor to assume the terms, conditions and obligations of
      this Plan in accordance with Section 8.3;
or

            

    

    

    
      	
               
      

            	
              (5)

            	
              an
      amendment or termination of the Plan not permitted pursuant to Section
      8.2.

            

    

    

    An
isolated, insubstantial and inadvertent action taken in good faith and which is
remedied by the Company within seven (7) days after receipt of written notice
thereof given by the Participant shall not constitute Good
Reason.  The Participant's right to terminate employment for Good
Reason shall not be affected by the Participant's incapacities due to mental or
physical illness and the Participant's continued employment shall not constitute
consent to, or a waiver of rights with respect to, any event or condition
constituting Good Reason; and

    

    
      	
               
      

            	
              (c)

            	
              for
      Tier 3 Employees, the occurrence of any of the following events within the
      two-year period following a Change in Control without such Participant's
      express written consent:

            

    

    

    
      	
               
      

            	
              (1)

            	
              the
      assignment of duties to the Participant that are materially inconsistent
      with the duties of the position held by the Participant immediately prior
      to such Change in Control;

            

    

    

    
      	
               
      

            	
              (2)

            	
              a
      reduction in the Participant's Total Remuneration as in effect immediately
      prior to such Change in Control or as the same may be increased from time
      to time thereafter;

            

    

    

    
      	
               
      

            	
              (3)

            	
              reassignment
      of the Participant to a job that is not in the same geographic area as the
      Participant's job immediately prior to such Change in Control unless: (x)
      there is an agreement by the Participant, confirmed in an offer letter or
      other agreement, to reassignment; or (y) the Participant was in a position
      immediately prior to the Change in Control where periodic reassignment is
      standard practice;

            

    

    

    
      	
               
      

            	
              (4)

            	
              the
      failure of a successor to assume the terms, conditions and obligations of
      this Plan in accordance with Section 8.3;
or

            

    

    
      
         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
8

          

        

      

    

    

    
      	
               
      

            	
              (5)

            	
              an
      amendment or termination of the Plan not permitted pursuant to Section
      8.2.

            

    

    

    An
isolated, insubstantial and inadvertent action taken in good faith and which is
remedied by the Company within fourteen (14) days after receipt of written
notice thereof given by the Participant shall not constitute Good
Reason.  The Participant's right to terminate employment for Good
Reason shall not be affected by the Participant's incapacities due to mental or
physical illness and the Participant's continued employment shall not constitute
consent to, or a waiver of rights with respect to, any event or condition
constituting Good Reason.

    

    2.13         Kodak

    

    "Kodak"
means Eastman Kodak Company.

    

    2.14         Participant

    

    "Participant"
means, as applicable, a Tier 1 Employee, a Tier 2 Employee or a Tier 3
Employee.

    

    2.15         Plan

    

    "Plan"
means the Eastman Kodak Company Executive Protection Plan.

    

    2.16         Qualifying
Termination

    

    "Qualifying
Termination" means for all the Participants other than Kodak's Chief Executive
Officer and President: (a) a termination of the Participant's employment by the
Employer other than for Cause, or (b) a termination of the Participant's
employment by such Participant for Good Reason. In the case of Kodak's Chief
Executive Officer, "Qualifying Termination" means: (a) a termination of the
Chief Executive Officer's employment by the Employer other than for Cause, or
(b) a termination of the Chief Executive Officer's employment by the Chief
Executive Officer for Good Reason or (c) a voluntary termination of employment
by the Chief Executive Officer for any reason (or no reason at all) during the
30-day period commencing 23 months after the date of a Change in Control. In the
case of Kodak's President, "Qualifying Termination" means: (a) a termination of
the President's employment by the Employer other than for Cause, or (b) a
termination of the President's employment by the President for Good Reason or
(c) a voluntary termination of employment by the President for any reason (or no
reason at all) during the 30-day period commencing 23 months after the date of a
Change in Control. Termination of a Participant's employment on account of the
Participant's death or on account of the Participant's disability, as defined
under the Employer's long-term disability plan,

    
      
         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
9

          

          

        

      

    

    shall not
be treated as a Qualifying Termination.

    

    2.17         Subsidiary

    

    "Subsidiary"
means any corporation or other entity in which Kodak has a direct or indirect
ownership interest of more than 50% of the total combined voting power of the
then outstanding securities or interests of such corporation or other entity
entitled to vote generally in the election of directors or in which Kodak has
the right to receive more than 50% of the distribution of profits or more than
50% of the assets in liquidation or dissolution.

    

    2.18         Tier
1 Employee

    

    "Tier 1
Employee" means an Employee selected by the Committee and named on Exhibit
A.

    

    2.19         Tier
2 Employee

    

    "Tier 2
Employee" means an Employee selected by the Committee and named on Exhibit
B.

    

    2.20         Tier
3 Employee

    

    "Tier 3
Employee" means an Employee selected by the Committee and named on Exhibit
C.

    

    2.21         Total
Remuneration

    

    "Total
Remuneration" means the aggregate of the Participant's Base Salary, target
annual bonus compensation, target long-term bonus compensation and benefits and
coverage under all Company employee benefit plans.

    

     

    ARTICLE
III.  ELIGIBILITY

    

    3.1           In
General

    

    All Tier
1, Tier 2 and Tier 3 Employees participate in this Plan.

    
      
         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
10

          

        

      

    

    3.2           Termination
Prior to Change In Control

    

    If a
Participant ceases to be an Employee prior to a Change in Control, such
Participant shall have no further rights under this Plan; provided, however, that if (a)
such Participant's employment is terminated prior to a Change in Control for
reasons that would have constituted a Qualifying Termination if they had
occurred following a Change in Control; (b) such Participant reasonably
demonstrates that such termination (or Good Reason event) was in contemplation
of a Change In Control by a third party who had indicated an intention or taken
steps reasonably calculated to effect a Change in Control; (c) a Change in
Control involving such third party (or a party competing with such third party
to effectuate a Change in Control) does occur, and (d) the Change in Control
also qualifies as a “change in the ownership or effective control of the
corporation, or in the ownership of a substantial portion of the assets of the
corporation” within the meaning of Sections 1.409A-3(a)(5) and 1.409A-3(i)(5) of
the Treasury Regulations, then for purposes of this Plan, the date immediately
prior to the date of such termination of employment or event constituting Good
Reason shall be treated as a Change in Control with respect to such Participant
for purposes of determining the Participant’s entitlement to benefits hereunder.
The timing of payments and benefits to the Participant under Article 4, with
respect to a Participant described in the immediately preceding sentence, will
be determined by treating the date of the actual Change in Control as the
Employee's Date of Termination hereunder.

    

     

    ARTICLE
IV.  PAYMENTS UPON TERMINATION OF EMPLOYMENT

    

    4.1           In
General

    

    If during
the two-year period following a Change in Control the employment of a
Participant shall terminate, by reason of a Qualifying Termination, then the
Company shall provide to such Participant the benefits described in this Article
4.

    

    4.2           Accrued
Compensation

    

    To the
extent permitted by Section 409A of the Code, within fourteen (14) days
following a Participant's Date of Termination, the Company shall pay to such
Participant a lump-sum cash amount equal to the sum of (1) the Participant's
Base Salary (without regard to any reduction constituting Good Reason) through
the Date of Termination and any bonus awards that have been awarded, but are not
yet payable, (2) any accrued vacation or sick pay, and (3) any other accrued
compensation, in each case to the extent not theretofore paid.

    

    Notwithstanding
the foregoing, any payment hereunder that constitutes a benefit subject to
Section 409A of the Code shall be subject to the six-month waiting period
following separation from service that the Company requires for certain
executive employees as a result of Section

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
11

          

        

      

    

    409A of
the Code (to the extent applicable to the Participant), and any payment
hereunder which is subject to Section 409A of the Code shall be paid as of its
originally scheduled date rather than in accordance with this Plan unless
permitted to be accelerated.  By way of clarification, a Section 409A
benefit may be accelerated pursuant to this Plan only to the extent that the
Change in Control preceding the Participant’s Date of Termination qualifies as a
“change in the ownership or effective control of the corporation, or in the
ownership of a substantial portion of the assets of the corporation” within the
meaning of Sections 1.409A-3(a)(5) and 1.409A-3(i)(5) of the Treasury
Regulations, and only to the extent that the documents governing such payment do
not contain a prohibition on acceleration in the event of such a change in the
ownership or effective control of the corporation, or in the ownership of a
substantial portion of the assets of the corporation.

    

    4.3           Severance

    

    Within
fourteen (14) days following the Participant's Date of Termination (or, if
applicable to a given Participant, within fourteen (14) days after the
expiration of the six-month waiting period following separation from service
that the Company requires for certain executive employees as a result of Section
409A of the Code), the Company shall pay to such Participant a lump-sum cash
amount, based upon the Participant's position (without regard to any change in
position following a Change in Control which would constitute Good Reason
hereunder) immediately prior to the Change in Control, equal to:

    

    
      	
               
      

            	
              (a)

            	
              for
      a Tier 1 Employee, three (3) times the sum of such Participant's Base
      Salary and Bonus Amount;

            

    

    

    
      	
               
      

            	
              (b)

            	
              for
      a Tier 2 Employee, two (2) times the sum of such Participant's Base Salary
      and Bonus Amount; and

            

    

    

    
      	
               
      

            	
              (c)

            	
              for
      a Tier 3 Employee, the greater of the amounts described in (1) or (2)
      below:

            

    

    

    
      	
               
      

            	
              (1)

            	
              one
      (1) times the sum of such Participant's Base Salary and Bonus Amount;
      or

            

    

    

    
      	
               
      

            	
              (2)

            	
              for
      all Participants employed by Kodak, the termination allowance payable to
      such Participant under the Kodak Employee Protection Plan assuming such
      Participant were eligible for benefits under such plan, and for all other
      Participants, the termination allowance payable under any plan or program
      adopted by the Participant's Employer which is similar in purpose to the
      Kodak Employee Protection Plan.

            

    

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
12

          

        

      

    

    
      
        	
                4.4

              	
                Continuation
      of Benefits

              

      

    

    

    For a
period commencing on the Date of Termination and continuing for twelve (12)
months thereafter the Company shall continue to provide the Participant and the
Participant's dependents with the same level of coverage under those of the
medical, dental, disability and life insurance plans as shall have been in
effect for such Participant (and dependents) immediately prior to the Date of
Termination and on the same terms and conditions as in effect immediately prior
to the Date of Termination (or, if more favorable to the Participant,
immediately prior to the Change in Control); except, however, no employee
contributions will be required for such coverages. If the Participant cannot
continue to participate in the plans of Kodak (or the Participant's Employer)
providing such benefits, the Company shall otherwise provide such benefits on
the same after-tax basis as if participation had continued. The twelve (12)
month period during which medical and dental coverage is provided to a
Participant under this Section 4.4 will not be considered part of the
"Continuation Period" for purposes of electing any COBRA continuation
coverage.

    

    Any
taxable benefits provided in accordance with this Section which are not exempt
from Section 409A of the Code will be provided by the end of the taxable year
following the taxable year in which the Participant incurred (or would have
incurred, but for this Section) the expense or premium payment obligation
covered under this Section, and any caps or limits on benefits which result in
benefits provided in one taxable year reducing those available in another
taxable year will apply only to the extent the expenses in question are medical
expenses permitted to be subject to caps of this kind under the Treasury
Regulations.  Although it is not anticipated that the six-month
waiting period will apply to these benefits in light of available exemptions,
the six-month waiting period will be imposed if required.  With
respect to any payments which qualify as tax gross-ups described in Section
1.409A-3(i)(1)(v) of the Treasury Regulations, payment shall be made no later
than the deadline stated in the Treasury Regulations for such
payments.

    

    4.5           Additional
Payments

    

    Payments
made to a Participant shall be subject to the additional payments of Exhibit D
hereto, if applicable.

    

    4.6           Withholding
Taxes

    

    The
Company will withhold from all payments due to a Participant (or the
Participant's beneficiary or estate) hereunder all taxes which, by applicable
federal, state, local or other law, Kodak or any Employer is required to
withhold therefrom.

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
13

          

        

      

    

    
      
        	
                ARTICLE
      V.  FULL SETTLEMENT; NO
MITIGATION

              

      

    

     

    5.1           Full
Settlement

    

    The
Company's obligation to make the payments provided for in this Plan and
otherwise to perform its obligations hereunder shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right or action which
the Company may have against the Participant or others.

    

    5.2           No
Mitigation

    

    In no
event shall the Participant be obligated to seek other employment or take any
other action by way of mitigation of the amounts payable to the Participant
under any of the provisions of this Plan and such amounts shall not be reduced
whether or not the Participant obtains other employment.

    

     

    ARTICLE
VI.  REIMBURSEMENT OF EXPENSES

    

    The
Company shall pay all legal fees and related expenses which a Participant may
reasonably incur in seeking to obtain or enforce any payment, benefit or right
provided by this Plan after a Change in Control, including any such fees and
expenses incurred in seeking advice with respect to the amount provided in
Exhibit D; provided, however, the Participant shall be required to repay any
such amounts to the Company to the extent that a court of competent jurisdiction
issues a final and non-appealable order setting forth the determination that the
position taken by the Participant was frivolous or advanced in bad
faith.  Such fees shall be paid by the Company as soon as
administratively practicable after the Participant submits reasonably acceptable
documentation that such fees have been incurred, and in any event no later than
the end of the Participant’s taxable year following the taxable year in which
such fees were incurred.    All fees eligible to be
reimbursed under this Article must be incurred during the Participant’s lifetime
or relate to a claim filed no later than one year after the Participant’s
death.

    

     

    ARTICLE
VII.  ADMINISTRATION

    

    The Plan
shall be administered by the Committee. Consistent with the requirements of
ERISA and the regulations thereunder of the Department of Labor, the Committee
shall provide adequate written notice to any Participant whose claim for
benefits under Article 4 has been denied, setting forth specific reasons for
such denial, written in a manner calculated
to be understood by such Participant, and affording such Participant a full and
fair review of the decision denying the claim.

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
14

          

        

      

    

    ARTICLE
VIII.  MISCELLANEOUS

    

    8.1           Participating
Employers

    

    Each
Subsidiary set forth on Exhibit E hereto shall be deemed to be an Employer and
the provisions of this Plan shall be fully applicable to the Tier 2 and Tier 3
Employees of such Subsidiary.

    

    8.2           Termination
or Amendment of Plan

    

    The
Committee may amend or terminate this Plan at any time prior to a Change in
Control; provided, however, that except
as provided in Section 8.6 and except to the extent that Kodak’s counsel,
accountants or auditors identify such amendment or termination as necessary to
bring the Plan into compliance with applicable law and/or avoid the imposition
of penalties (including adverse tax consequences other than those addressed
under Exhibit D) on Participants, no such action which would adversely affect
the rights or potential rights of Participants shall be effective if taken
during the twelve (12) month period prior to a Change in Control. In no event
may the Plan be amended or terminated within the 24-month period following a
Change In Control, except to the extent Kodak’s counsel, accountants or auditors
identify such amendment or termination as necessary to bring the Plan into
compliance with applicable law and/or avoid the imposition of penalties
(including adverse tax consequences other than those addressed under Exhibit D)
on Participants.

    

    8.3           Successors

    

    
      	
               
      

            	
              (a)

            	
              This
      Plan shall not be terminated by any merger, consolidation, share exchange
      or similar event involving Kodak whether or not Kodak is the surviving or
      resulting entity. In the event of any merger, consolidation, share
      exchange or similar event, the provisions of this Plan shall be binding
      upon the surviving or resulting corporation or the person or entity to
      which such assets are transferred.

            

    

    

    
      	
               
      

            	
              (b)

            	
              This
      Plan shall inure to the benefit of and be enforceable by each
      Participant's personal or legal representatives, executors,
      administrators, successors, heirs, distributees, devisees and legatees. If
      a Participant shall die while any amounts are payable to the Participant
      hereunder (including any payments which may be owed under Article 4), all
      such amounts, unless otherwise provided herein, shall be paid in
      accordance with the terms of this Plan to such person or persons appointed
      in

            

    

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
15

          

        

      

    

    
      	
               
      

            	
              writing
      by the Participant to receive such amounts or, if no person is so
      appointed, to such Participant's
estate.

            

    

    

    8.4           Governing
Law; Validity

    

    The
interpretation, construction and performance of this Plan, unless pre-empted by
the Employee Retirement Income Act of 1974, as amended ("ERISA"), shall be
governed by and construed and enforced in accordance with the laws of the State
of New York without regard to the principle of conflicts of laws. The invalidity
or unenforceability of any provision of this Plan shall not affect the validity
or enforceability of any other provision of this Plan, which other provisions
shall remain in full force and effect.

    

    8.5           Funding

    

    Neither
Kodak nor any Employer shall be required to fund or otherwise segregate assets
to be used for the payment of any benefits under the Plan. The Company shall
make such payments only out of its general corporate funds, and therefore its
obligation to make such payments shall be subject to any claims of its other
creditors having priority as to its assets.

    

    8.6           Pooling
of Interests

    

    Notwithstanding
anything contained herein to the contrary, if any provision of this Plan would,
in the opinion of the Committee, cause any business combination approved by the
Board to be ineligible for pooling-of-interests accounting treatment, the
Committee may amend such provision in a manner to make such treatment available
or terminate the Plan.

    

    8.7           Other
Severance Benefits

    

    Any
amounts payable to any Participant on account of the Participant's termination
of employment pursuant to (a) any other plan, policy or program of, or agreement
with, Kodak or another Employer (including, without limitation, the Kodak
Employee Protection Plan) or (b) any statute or governmental regulation shall be
offset against any payments made to such Participant pursuant to this Plan to
the extent necessary to avoid the duplication of benefits.  With
respect to benefits paid by Kodak or another Employer (or a plan sponsored by
Kodak or another Employer) rather than paid by a government agency, benefits
will be paid first under the Plan, with benefits under the other plans,
policies, programs or agreements reduced or eliminated as necessary to prevent
duplication, unless Section 409A requires that benefits be paid first under
another plan, in which case benefits under this Plan shall be reduced
accordingly.  For this purpose, the Plan will take into
account

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Page
16

          

          

        

      

    

    rules
permitting alternate times and forms of payment within two years following a
“change in the ownership or effective control of the corporation, or in the
ownership
of a substantial portion of the assets of the corporation” within the meaning of
Sections 1.409A-3(a)(5) and 1.409A-3(i)(5) of the Treasury Regulations to the
extent such rules are applicable.  Benefits paid by a government
agency will be considered to be paid before benefits offered under this Plan or
any other plan, policy or program of, or agreement with, Kodak or another
Employer, unless otherwise required by law, and benefits paid under this Plan
will be reduced accordingly.

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Exhibit
A

          

          

        

      

    

    Exhibit
A

    

    List of Tier 1
Employees

    

    CEO,
President, Executive Vice President(s), Senior Vice Presidents and direct
reports to CEO

    

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Exhibit
B

          

          

        

      

    

    Exhibit
B

    

    List of Tier 2
Employees

    

    All other
corporate officers

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Exhibit
C

          

          

        

      

    

    Exhibit
C

    

    List of Tier 3
Employees

    

    Up to all
other worldwide employees in wage grade 48 or above

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Exhibit
D

          

          

        

      

    

    Exhibit
D

    

    Certain Additional Payments
by the Company

    

    

    
      	
               
      

            	
              (a)

            	
              Anything
      in this Plan to the contrary notwithstanding, in the event it shall be
      determined that any payment, award, benefit or distribution (or any
      acceleration of any payment, award, benefit or distribution) by the
      Company (or any of its affiliated entities) or any entity which
      effectuates a Change in Control (or any of its affiliated entities) to or
      for the benefit of a Participant (whether pursuant to the terms of this
      Plan or otherwise, but determined without regard to any additional
      payments required under this Exhibit D) (the "Payments") would be subject
      to the excise tax imposed by Section 4999 of the Code, or any interest or
      penalties are incurred by a Participant with respect to such excise tax
      (such excise tax, together with any such interest and penalties, are
      hereinafter collectively referred to as the "Excise Tax"), then the
      Company shall pay to such Participant an additional payment (a "Gross-Up
      Payment") in an amount such that after payment by the Participant of all
      taxes (including any Excise Tax) imposed upon the Gross-Up Payment, the
      Participant retains an amount of the Gross-Up Payment equal to the sum of
      (x) the Excise Tax imposed upon the Payments and (y) the product of any
      deductions disallowed because of the inclusion of the Gross-up Payment in
      the Participant's adjusted gross income and the highest applicable
      marginal rate of federal income taxation for the calendar year in which
      the Gross-up Payment is to be made. For purposes of determining the amount
      of the Gross-up Payment, the Participant shall be deemed to (i) pay
      federal income taxes at the highest marginal rates of federal income
      taxation for the calendar year in which the Gross-up Payment is to be
      made, (ii) pay applicable state and local income taxes at the highest
      marginal rate of taxation for the calendar year in which the Gross-up
      Payment is to be made, net of the maximum reduction in federal income
      taxes which could be obtained from deduction of such state and local taxes
      and (iii) have otherwise allowable deductions for federal income tax
      purposes at least equal to those which could be disallowed because of the
      inclusion of the Gross-up Payment in the Participant's adjusted gross
      income. Notwithstanding the foregoing provisions of this Exhibit D, if it
      shall be determined that the Participant is entitled to a Gross-Up
      Payment, but that the Payments would not be subject to the Excise Tax if
      the Payments were reduced by an amount that is less than 10% of the
      portion of the Payments that would be treated as "parachute payments"
      under Section 280G of the Code, then the amounts payable to the
      Participant under this Plan shall be reduced (but not below zero) to the
      maximum amount that could be paid to the Participant without giving rise
      to the Excise Tax (the "Safe Harbor Cap"), and no Gross-Up Payment shall
      be made to the Participant.  The reduction of the amounts payable
      hereunder, if applicable,

            

    

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Exhibit
D

          

          

        

      

    

    
      	
               
      

            	
              shall
      be made by reducing first the payments under Section 4.3. For purposes of
      reducing the Payments to the Safe Harbor Cap, only amounts payable under
      this Plan (and no other Payments) shall be reduced. If the reduction of
      the amounts payable hereunder would not result in a reduction of the
      Payments to the Safe Harbor Cap, no amounts payable under this Plan shall
      be reduced pursuant to this
provision.

            

    

    

    
      	
               
      

            	
              (b)

            	
              All
      determinations required to be made under this Exhibit D, including whether
      and when a Gross-Up Payment is required, the amount of such Gross-Up
      Payment, the reduction of the Payments to the Safe Harbor Cap and the
      assumptions to be utilized in arriving at such determinations, shall be
      made by the public accounting firm that is retained by Kodak as of the
      date immediately prior to the Change in Control (the "Accounting Firm")
      which shall provide detailed supporting calculations both to the Company
      and the Participant within fifteen (15) business days of the receipt of
      notice from the Company or the Participant that there has been a Payment,
      or such earlier time as is requested by the Company (collectively, the
      "Determination"). In the event that the Accounting Firm is serving as
      accountant or auditor for the individual, entity or group effecting the
      Change in Control, the Participant may appoint another nationally
      recognized public accounting firm to make the determinations required
      hereunder (which accounting firm shall then be referred to as the
      Accounting Firm hereunder). All fees and expenses of the Accounting Firm
      shall be borne solely by the Company and the Company shall enter into any
      Agreement requested by the Accounting Firm in connection with the
      performance of the services hereunder. The Gross-up Payment with respect
      to any Payments shall be made no later than thirty (30) days following
      such Payment. If the Accounting Firm determines that no Excise Tax is
      payable by the Participant, it shall furnish the Participant with a
      written opinion to such effect, and to the effect that failure to report
      the Excise Tax, if any, on the Participant's applicable federal income tax
      return will not result in the imposition of a negligence or similar
      penalty. In the event the Accounting Firm determines that the Payments
      shall be reduced to the Safe Harbor Cap, it shall furnish the Participant
      with a written opinion to such effect. The Determination by the Accounting
      Firm shall be binding upon the Company and the Participant. As a result of
      the uncertainty in the application of Section 4999 of the Code at the time
      of the Determination, it is possible that Gross-Up Payments which will not
      have been made by the Company should have been made ("Underpayment") or
      Gross-up Payments are made by the Company which should not have been made
      ("Overpayment"), consistent with the calculations required to be made
      hereunder. In the event that the Participant thereafter is required to
      make payment of any Excise Tax or additional Excise Tax, the Accounting
      Firm shall determine the amount of the Underpayment that has occurred and
      any

            

    

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Exhibit
D

          

          

        

      

    

    
      	
               
      

            	
              such
      Underpayment (together with interest at the rate provided in Section
      1274(b)(2)(B) of the Code) shall be promptly paid by the Company to or for
      the benefit of the Participant. In the event the amount of the Gross-up
      Payment exceeds the amount necessary to reimburse the Participant for the
      Participant's Excise Tax, the Accounting Firm shall determine the amount
      of the Overpayment that has been made and any such Overpayment (together
      with interest at the rate provided in Section 1274(b)(2) of the Code)
      shall be promptly paid by the Participant (to the extent he has received a
      refund if the applicable Excise Tax has been paid to the Internal Revenue
      Service) to or for the benefit of the Company.  The Participant
      shall cooperate, to the extent the Participant's expenses are reimbursed
      by the Company, with any reasonable requests by the Company in connection
      with any contests or disputes with the Internal Revenue Service in
      connection with the Excise Tax.  Without limitation of any
      provision requiring amounts to be paid more quickly, all amounts due under
      this Appendix must be paid no later than the end of the Employee’s taxable
      year following the taxable year in which the Employee paid the relevant
      taxes.

            

    

    
      
        
           

        

         

      

      
         

        
        

      

      
         

        
          Kodak
Executive Protection Plan

          Effective
Date:  January 1, 2009

          As
Amended:  December 12, 2008

          Exhibit
E

          

          

        

      

    

    Exhibit
E

    

    Included
Subsidiaries

    

    

    Executive
Protection Plan2.doc

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