NEW YORK/LONDON – Eastman Kodak Co. on Monday granted its executive chairman options for 1.75 million shares as a result of what a person familiar with the arrangement described as an “understanding” with its board that had previously neither been listed in his employment contract nor made public. One day later, 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. Kodak disclosed the stock options… Read full this story
- Biden has signed five times the number of executive orders Trump did in his first week. Here's why
- Trump Thinks the General Who Lost the Civil War Definitely Would Have Won the Afghanistan War
- Maybe-future California governor Kevin Paffrath got mad at me over a joke, so I interviewed him
- The Real Story Behind the $25,000 Trump Donation to Pam Bondi
- Anatomy of a Crime: Sex, Hush Money and a Trump Fixer’s Guilty Plea
- How Michael Cohen, Trump’s Fixer, Built a Shadowy Business Empire
- Targeting WeChat, Trump Takes Aim at China’s Bridge to the World
- Coronavirus government response updates: Americans returning to work can get tested 'very soon,' Trump claims
- The Brilliant Incoherence of Trump’s Foreign Policy
- What Else Does the CIA Know About Trump and Russia?
Eastman Kodak Executive Got Trump Deal Windfall on 'Understanding' have 326 words, post on www.voanews.com at August 1, 2020. This is cached page on CuBird. If you want remove this page, please contact us.