Could KODK have explained it better? Maybe.
1. A Kodak spokeswoman declined to comment on the timing of the stock-options grants and emphasized that the value of the options could change before Mr. Continenza uses them to buy Kodak shares.
2. Starting in May, Kodak began talks with the Trump administration about manufacturing the ingredients for pharmaceuticals, Mr. Continenza said in a television interview this week.
3. Around the time that Kodak began talking with the federal government this spring, Kodak insiders began receiving stock options. The pattern was first reported by Non-GAAP Thoughts, a digital newsletter. On May 20, Kodak handed out 240,000 stock options to board members — an addition to its usual equity distribution in January.
4. The day before the loan was announced, trading in Kodak shares surged, and its stock jumped about 25 percent, closing at $2.62 a share. That activity raised suspicion about improper trading ahead of the market-moving news, but The Wall Street Journal reported that it was apparently the result of reports by the media in Rochester, where Kodak is headquartered, about the pending announcement.
5. Arielle Patrick, a spokeswoman for Kodak, declined to answer questions about why the directors were granted stock options in May.
6. ...and that the compensation committee approved the options “at the first meeting of this committee since the annual stockholders meeting,” which was on Monday, July 27.
So, KODK refused to explain the actions when NYT inquired. The options were granted previously as you mention, but THEN THE AMOUNT WAS GOOSED in May, while KODK was in talks w/ Govt, and then market-moving news appears to have been leaked as well (by whom?), and COMPENSATION COMMITTEE convened a VERY TIMELY MEETING immediately prior to announcement.
Maybe you're right: it's all Political Spin and there's nothing nefarious here.
If that's the case, KODK appears to have missed an opportunity to clearly explain all actions the perceived conflicts around the TIMING of additional options, the 'compensation committee meeting', etc.
'Spokesman declined comment' often comes across as 'our lawyers have instructed us to say nothing'.
The spread-out vesting-period makes ultimate option-values unknown obviously.