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
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 was 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 and Zimmerman, Drs. Emerson and Gray, and Gov. Collins.
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