Meeting Attendance
The Board held a total of eight meetings in 2000. Each director attended at least 75% of the meetings of the Board and committees of the Board on which the director served. The average attendance by all directors was over 93%.
Director Compensation
Annual Payments Non-employee directors receive:
- $65,000 as a retainer, at least half of which must be taken in stock or deferred into stock units;
- 2,000 stock options; and
- reimbursement of out-of-pocket expenses for the meetings they attend.
Employee directors receive no additional compensation for serving on the Board.
Deferred Compensation Non-employee directors may defer some or all of their compensation into a phantom Kodak stock account or into a phantom interest-bearing account.
Seven directors deferred compensation in 2000. In the event of a change in control, the amounts in the phantom accounts will generally be paid in a single cash payment.
Life Insurance The Company provides $100,000 of group term life insurance to each non-employee director.
This decreases to $50,000 at retirement or age 65, whichever occurs later.
Charitable Award Program This program is closed to new participants effective January 1, 1997.
The program provides for a contribution by the Company of up to $1,000,000 following a director’s death to a maximum of four charitable institutions recommended by the director.
The individual directors derive no financial benefits from this program. It is funded by joint life insurance policies purchased by the Company and self-insurance.
Each of the following non-employee directors continues to participate in the program: Messrs. Braddock, Phelan, and Zimmerman, Drs. Emerson and Gray, and Gov. Collins.
|
