SEC Contract Filing

Filing Date: 2016-08-09

Document Content:
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<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>kodk-ex104_329.htm
<DESCRIPTION>EX-10.4
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.4</p>
<p style="text-align:right;margin-bottom:10pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Tahoma;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Personal and Confidential</font></p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:right;margin-bottom:10pt;margin-top:0pt;text-indent:0%;font-family:Tahoma;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Eysins, May 24th, 2016</p>
<p style="margin-bottom:10pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Tahoma;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Re:<font style="margin-left:36pt;"></font>Project Voyager Retention Incentive and Continuation of Existing Severance Contractual <font style="margin-left:36pt;"></font>Terms</p>
<p style="margin-bottom:10pt;margin-top:0pt;text-indent:0%;font-family:Tahoma;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dear Philip</p>
<p style="margin-bottom:10pt;margin-top:0pt;text-indent:0%;font-family:Tahoma;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In recognition of your critical contributions to the Enterprise Inkjet Systems Division, I am pleased to inform you of your eligibility for an individualized special retention award and continuation of your existing severance contractual terms, each as described in this letter.&nbsp;&nbsp;For purposes of this letter, &#8220;<font style="text-decoration:underline;">Kodak</font>&#8221; refers to Eastman Kodak S&#224;rl and its related affiliates.</p>
<p style="margin-bottom:10pt;margin-top:0pt;text-indent:0%;font-family:Tahoma;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If you agree with the terms of this letter, and you execute and return this letter, this letter will constitute an &#8220;<font style="text-decoration:underline;">Agreement</font>&#8221; between you and Kodak, effective as of the date that the executed Agreement is received by Kodak.</p>
<p style="margin-bottom:10pt;margin-top:0pt;text-indent:0%;font-family:Tahoma;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Background</font></p>
<p style="margin-bottom:10pt;margin-top:0pt;text-indent:0%;font-family:Tahoma;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of the date of this Agreement, you have a contract of employment with Eastman Kodak S&#224;rl, effective January 1, 2011, which was modified by an addendum effective January 1, 2013, and which was amended by Amendment No. 1 dated September 9, 2013 (collectively, your &#8220;<font style="text-decoration:underline;">Employment Contract</font>&#8221;).&nbsp;&nbsp;By its terms, your Employment Contract will expire on September 3, 2016 at the latest (the &#8220;<font style="text-decoration:underline;">Expiration Date</font>&#8221;), it being noted that you or Kodak may terminate your employment early by providing to the other party a Termination Notice at least one month prior to the Expiration Date.&nbsp;&nbsp;</p>
<p style="margin-bottom:10pt;margin-top:0pt;text-indent:0%;font-family:Tahoma;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Under your Employment Contract, you are entitled to contractual severance in the event of the termination of your Employment Contract by Kodak without &#8220;Cause&#8221; or by you for &#8220;Good Reason&#8221; (each term, as defined in your Employment Contract), in accordance with the terms and conditions specified by your Employment Contract.&nbsp;&nbsp;The contractual severance to which you are entitled to receive under your Employment Contract in the event of a qualifying termination of your employment is (A) the sum of your salary and your target annual incentive under Executive Compensation for Excellence and Leadership (&#8220;<font style="text-decoration:underline;">EXCEL</font>&#8221;) for the fiscal year in which the termination notice is given (or if such target has not yet been established for such fiscal year, the target annual incentive under EXCEL for the fiscal year prior to the year in which the termination notice is given) multiplied by (B) one (the &#8220;<font style="text-decoration:underline;">Severance Payments</font>&#8221;).&nbsp;&nbsp;</p>
<p style="margin-bottom:10pt;margin-top:0pt;text-indent:0%;font-family:Tahoma;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a>As you know, Kodak is currently in talks to sell its Prosper enterprise inkjet printing business (&#8220;<font style="text-decoration:underline;">Project Voyager</font>&#8221;).&nbsp;&nbsp;The purpose of the retention award and the extension of your existing severance contractual terms is to provide you, in your capacity as the President of the Enterprise Inkjet Systems Division and President of the Micro 3D Printing and Packaging Division, an incentive to remain employed with Kodak and to successfully manage the sale </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Tahoma;font-size:11pt;font-weight:normal;font-st