Eastman Kodak Company (KODK)

[mick]

BACK SOME TIME AGO: The administration of President Donald Trump announced a $765 million financing deal with Eastman Kodak,
and in the days that followed the stock soared,
making those additional options now held by executive chairman Jim Continenza worth tens of millions.

The decision to grant Continenza options was never formalized or made into a binding agreement,
which is why it was not disclosed previously, according to the person familiar with the arrangement.

The options were granted to shield Continenza's overall stake in
the company from being diluted by a $100 million convertible bond deal clinched in May 2019 to help Eastman Kodak stay afloat,
according to the person's account.

While Kodak's approach is permissible,
it is unusual because executives are paid to grow a company's
long-term value and are not usually given extra compensation
personally to cover events that may hurt share prices, several experts said.
BACKUP TIME AGO,