Eastman Kodak Co (KODK) · Nov 5, 2026 · Other events
Compensation reset — Byrd/Michaels salaries raised; 30% of Bullwinkle/Byrd bonuses paid in RSUs
Kodak’s executive compensation changes raise salaries and bonus targets while shifting part of two executives’ incentives into restricted stock.
Kodak is trying to build growth beyond its legacy print business, investing in Advanced Materials & Chemicals initiatives spanning pharmaceuticals, battery technology, and printed electronics while still relying on Print and Brand Licensing.
This is a compensation reset, not an operating change. The committee raised Roger Byrd’s base salary to $400,000 and Richard Michaels’ to $305,000, retroactive to January 1, 2026, with catch-up pay due in November.
| Compensation item | 2026 filing | Prior reference |
|---|---|---|
| Byrd base salary (Compensation changes) | $400,000 | $325,000 (2025 proxy) |
| Michaels base salary (Compensation changes) | $305,000 | $270,000 (2025 proxy) |
| Bullwinkle target incentive (Compensation changes) | 50% | 35% (2025 proxy) |
| Byrd target incentive (Compensation changes) | 50% | 35% (2025 proxy) |
| Michaels target incentive (Compensation changes) | 35% | 30% (2025 proxy) |
| Bullwinkle/Byrd bonus paid in RSUs (Compensation changes) | 30% | — |
The magnitude is meaningful relative to the prior pay structure. Bullwinkle and Byrd’s target bonuses rise from 35% of salary to 50%, while Michaels’ rises from 30% to 35%; the filing gives no operating-performance explanation for the increases. 〔0〕
The stock component adds some alignment, but does not change Kodak’s business trajectory. For Bullwinkle and Byrd, 30% of earned bonuses will be delivered as restricted stock units that vest at year-end, rather than entirely in cash. That modestly ties retention and compensation to Kodak’s equity value, but it is still an incentive-design change—not evidence that the company’s Print-to-materials transition is advancing faster than expected. 〔1〕
The main tension is timing and optics. The salary increases are being applied retroactively for most of 2026, with arrears paid in November, so the disclosure creates an immediate compensation obligation without announcing a corresponding operational milestone. The stock-based portion offsets that concern somewhat, but the filing remains largely administrative against Kodak’s broader growth story.
Bottom line: Kodak is increasing executive earning opportunities while adding a limited stock-retention feature. It is mildly constructive governance-wise, but it does not materially change the company’s operating story or growth prospects.
2026 bonus awards paid in 2027
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