Business Context and Reporting Period
This Form 8-K Current Report is filed by Eastman Kodak Company on June 15, 2016. The report discloses material changes in corporate governance and management, specifically the resignation of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation terms and personnel changes.
Material Changes
- Resignation: John N. McMullen, Chief Financial Officer and Executive Vice President, notified the Company of his resignation effective June 30, 2016, to pursue another business opportunity.
- Appointment: The Board of Directors appointed David E. Bullwinkle as Chief Financial Officer and Senior Vice President, effective July 1, 2016. Mr. Bullwinkle will report to CEO Jeff Clarke.
Management Commentary and Compensation Details
The Executive Compensation Committee approved the following terms for Mr. Bullwinkle's new role, effective July 1, 2016:
- Base Salary: $400,000 annually.
- Target Incentive: 65% of annual base salary under the EXCEL Plan.
- Equity Compensation: An award valued at $600,000, split equally between restricted stock units and non-qualified stock options. Vesting occurs in equal amounts over three years.
- Severance: Benefits equal to one year of base salary if terminated under specific conditions.
Mr. Bullwinkle, 42, is a current employee who has served in various finance roles since 2004, most recently as Director of Corporate Financial Planning and Analysis and Director of Investor Relations.
Investor Verification Checklist
- Verify the full text of the Employment Agreement for Mr. Bullwinkle, which is expected to be filed as an exhibit to the Form 10-Q for the quarter ended June 30, 2016.
- Review the attached press release (Exhibit 99.1) for additional context on the leadership transition.
- Monitor upcoming quarterly reports for the impact of this leadership change on financial reporting and strategy.