Kodak (NYSE: KODK) counsel nets shares after option exercise and tax withholding
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Eastman Kodak executive Roger W. Byrd, General Counsel and Senior Vice President, exercised stock options for 15,000 shares of common stock on February 17, 2026. The options converted into common stock at a price of $3.03 per share through an option exercise.
As part of a net exercise, 8,107 shares of common stock at $7.72 per share were withheld to cover the option exercise price and tax withholding obligations, and he retained the remaining shares. After these transactions, he directly owned 96,164 shares of common stock.
Byrd also holds 8,334 restricted stock units and 25,000 performance stock units, both convertible into common stock on a one-for-one basis and scheduled to vest on May 17, 2026, with the performance units vesting only if a specified volume-weighted average price condition is met.
Positive
- None.
Negative
- None.
Insider Trade Summary
15,000 shares exercised/converted
Mixed
11 txns
Insider
Byrd Roger W.
Role
General Counsel, Sec., SVP
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (Right to Buy) | 15,000 | $0.00 | -- |
| Exercise | Common Stock, par value $.01 | 15,000 | $3.03 | $45K |
| Tax Withholding | Common Stock, par value $.01 | 8,107 | $7.72 | $63K |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Performance Stock Units | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
Holdings After Transaction:
Stock Option (Right to Buy) — 0 shares (Direct);
Common Stock, par value $.01 — 104,271 shares (Direct);
Restricted Stock Units — 8,334 shares (Direct);
Performance Stock Units — 25,000 shares (Direct)
Footnotes (1)
- The reporting person exercised stock options and used a portion of the shares to pay the option exercise price and cover tax withholding obligations (a "net exercise") by electing to have the issuer withhold shares otherwise deliverable after the stock option exercise. The reporting person retained all of the remaining shares. The stock options were granted under the Company's 2013 Omnibus Incentive Plan, as amended, in a transaction exempt under Rule 16b-3, and were scheduled to expire on February 19, 2026. The reporting person exercised the stock options in a transaction exempt under Rule 16b-3 in accordance with a policy adopted by the Compensation, Nominating and Governance Committee of the Board of Directors allowing employees to net exercise stock options as long as the stock options are scheduled to expire within three months of the date of exercise. This option is fully vested as of the date of this report. These restricted stock units, which convert into common stock on a one-for-one basis, will vest on 5/17/2026, except as otherwise provided in the award notice. These performance stock units, which convert into common stock on a one-for-one basis, will vest on 5/17/2026 if the volume-weighted average price per share of common stock within the 20 trading day period before the vesting date exceeds a specified price, except as otherwise provided in the award notice. Two-thirds of the original grant of this option vested in substantially equal installments on each of 5/17/2024 and 5/17/2025, and except as otherwise provided in the award notice, the balance vests on 5/17/2026. This option will vest on 5/17/2026 if the volume-weighted average price per share of common stock within the 20 trading day period before the vesting date exceeds a specified price, except as otherwise provided in the award notice.
FAQ
What did Eastman Kodak (KODK) executive Roger W. Byrd report in this Form 4?
Roger W. Byrd reported exercising stock options for 15,000 Kodak shares and using part of the resulting stock to cover exercise and tax obligations, ending with 96,164 directly held common shares.
What equity awards does Roger W. Byrd still hold at Eastman Kodak (KODK)?
He continues to hold 8,334 restricted stock units and 25,000 performance stock units, each convertible into common stock one-for-one and scheduled to vest on May 17, 2026, subject to applicable vesting and performance conditions.
What is a net exercise as used in this Eastman Kodak Form 4?
A net exercise means the option holder uses some of the shares received from an option exercise to pay the exercise price and tax withholding. The remaining shares are retained by the insider instead of paying cash out-of-pocket.
What conditions affect the vesting of Roger W. Byrd’s performance stock units at Kodak?
The performance stock units vest on May 17, 2026 only if the 20-day volume-weighted average price of Kodak common stock before that date exceeds a specified price, subject to any alternative terms in the award notice.