Philippe Katz Increases KODK Stake; RSUs, Phantom Stock, Vested Options Disclosed
Rhea-AI Filing Summary
Philippe D. Katz, a director and >10% owner of Eastman Kodak Company (KODK), reported purchases and holdings on 08/14/2025. An attorney-in-fact executed the Form 4.
Mr. Katz purchased 10,000 shares of common stock at $5.67 per share. After the transaction he directly owned 180,026 shares and reported multiple indirect holdings through entities totaling 2,522,011, 1,569,870, 7,598, 87,720, and 48,875 shares respectively. He also holds 16,393 restricted stock units, 125,871 phantom stock rights, and several vested stock options exercisable into common stock.
Positive
- Open-market purchase of 10,000 shares at $5.67, increasing direct ownership to 180,026 shares
- Extensive indirect holdings disclosed across multiple entities (KF Investors LLC: 2,522,011; Momar Corporation: 1,569,870; other entities listed)
- Equity compensation disclosed: 16,393 RSUs, 125,871 phantom stock rights, and several stock options, some fully vested
Negative
- None.
Insights
TL;DR: Director executed a modest open-market purchase; substantial indirect holdings and vested options increase his economic exposure to KODK.
Mr. Katz's reported 10,000-share purchase at $5.67 is a clear open-market acquisition increasing his direct stake to 180,026 shares. Materiality for the company is limited absent context on total shares outstanding or recent trading volume, but the filing confirms significant indirect ownership via several entities and multiple equity-based awards, including 16,393 RSUs and 125,871 phantom shares. Vested options listed with exercise prices and expiration dates further align his interests with equity performance.
TL;DR: Routine Section 16 disclosure showing director's purchase and aggregated ownership via affiliated entities; no governance red flags disclosed.
The Form 4 documents a standard disclosure: direct purchase, extensive indirect holdings with disclaimers of beneficial ownership to the extent of pecuniary interest, and equity awards with vesting/payment terms defined. The RSU vesting schedule and phantom stock payout timing are specified, and options noted as fully vested where applicable. The reporting follows required mechanics and includes an attorney-in-fact signature.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock, par value $.01 | 10,000 | $5.67 | $57K |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Phantom Stock | -- | -- | -- |
| 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 | Common Stock, par value $.01 | -- | -- | -- |
| holding | Common Stock, par value $.01 | -- | -- | -- |
| holding | Common Stock, par value $.01 | -- | -- | -- |
| holding | Common Stock, par value $.01 | -- | -- | -- |
| holding | Common Stock, par value $.01 | -- | -- | -- |
Footnotes (1)
- Mr. Katz disclaims beneficial ownership of the securities held by KF Investors LLC, an entity of which Mr. Katz is a managing member, except to the extent of his pecuniary interest therein. Mr. Katz disclaims beneficial ownership of the securities held by Momar Corporation, an entity in which Mr. Katz has an ownership interest, except to the extent of his pecuniary interest therein. Mr. Katz disclaims beneficial ownership of the securities held by United Equities Commodities Company, an entity of which Mr. Katz is a general partner, except to the extent of his pecuniary interest therein. Mr. Katz disclaims beneficial ownership of the securities held by Marneu Holding Company, an entity of which Mr. Katz is a partner, except to the extent of his pecuniary interest therein. Mr. Katz disclaims beneficial ownership of the securities held by 111 John Realty Corp., an entity in which Mr. Katz has an ownership interest, except to the extent of his pecuniary interest therein. These restricted stock units, which convert into common stock on a one-for-one basis, vest on the day immediately preceding the Company's 2026 annual meeting of shareholders, except as otherwise provided in the award notice. Each share of phantom stock represents a right to receive one share of common stock and becomes payable at the election of Mr. Katz in the year following the year of his separation from service as a director in either a single lump sum payment or in a maximum of ten annual installments. This option has fully vested as of the date of this report.
