Matthew Daneman

Staff writer

For the year%2C Perez received a %246.71 million total compensation package%2C which included%3A

His %241.15 million salary

A %243.3 million cash bonus through Kodak%27s EXCEL bonus plan

%242.25 million worth of restricted stock units%2C when Kodak emerged from bankruptcy

Eastman Kodak Co. successfully wrapped up its Chapter 11 bankruptcy in 2013, ending up with significant cost cuts and beating its goals for operating results.

As a result, Kodak's top executives in turn had a pretty good 2013 themselves, with significant bonus payments for a number of them.

Kodak on Tuesday put out its 2013 proxy statement. The 73-page document, which goes to shareholders in advance of the company's annual shareholder meeting on May 28, spells out what its top executives were paid in 2013. Kodak shareholders get to vote on those pay packages, but only on an advisory basis — essentially to weigh in on whether what was paid was fair or not.

For the year, CEO Antonio M. Perez received $4.46 million in cash: his $1.15 million salary, which was roughly flat compared to 2012, and a $3.3 million cash bonus through Kodak's EXCEL bonus plan. And when Kodak emerged from bankruptcy, he received $2.25 million worth of restricted stock units. That's a $6.71 million total compensation package for Perez.

That was a nice jump from 2012, when he received roughly $3.3 million in cash and no stock.

Also seeing a better 2013 was Douglas Edwards, president of Digital Printing & Enterprise. He received a $59,000 raise in his salary in 2013, to almost $411,000, as well as roughly $520,000 in cash bonus — roughly double what he got in 2012. He also received $385,000 in restricted stock awards, against none in 2012.

Brad Kruchten received a salary increase of roughly 28 percent due to his increased responsibilities as president fo Graphics, Entertainment and Commercial Imaging. When Kodak emerged from bankruptcy in September, as an incentive to keep him with the company, he recieved a second, 3.3 percent pay raise. In 2013, his total salary was $449,000, and he also received a $548,000 cash bonus and almost $391,000 worth of restricted stock units.

Laura Quatela, who spent much of 2013 as Kodak's president as well as president of its Personalized Imaging business, saw her salary remain flat at $463,000, but she got a $945,000 bump in her cash bonus over 2012, for a total of nearly $1.4 million in 2013. When Kodak sold its Personalized Imaging business in September, Quatela went with that business and is no longer a Kodak employee.

According to the company's proxy statement, those 2013 compensation packages were "largely based on the goals and objectives for completing" the bankruptcy.

The cash bonuses — paid out under Kodak's EXCEL incentive plan — were based on one measure of profitability: earnings not counting such expenses as interest and taxes. And the company made that goal in part because Kodak's board moved the goal post. Initially, that earnings target was based on Kodak selling its Personalized Imaging and Document Imaging businesses by certain dates in 2013. When that sales date ended up being later in the year, the earnings target amount moved to reflect that.

MDANEMAN@DemocratandChronicle.com

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