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News Breaks | | | | July 11, 2012 | | 12:55 EDT |  | EKDKQ | Eastman Kodak sees approval for performance-based incentive plan
Eastman Kodak filed a motion in the U.S. Bankruptcy Court for the Southern District of New York seeking the authority to implement the Eastman Kodak Company Emergence Performance Plan and amounts earned thereunder. The Plan has been approved by the Restructuring and Executive Compensation Committee of the Board of Directors of the Company and is subject to approval of the Bankruptcy Court. The Plan is a performance-based incentive plan designed to directly tie key senior leaders to the success of the Debtors’ restructuring. The Plan provides participants with the opportunity to receive incentive payments based on the recovery of the Debtors’ unsecured creditors following a successful reorganization. The employees eligible to participate in the Plan, consisting of 15 members of the Debtors’ leadership team, were selected due to their ability to directly influence the Debtors’ business operations and creditor recovery. | |
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