David Bullwinkle
EASTMAN KODAKAbout David Bullwinkle
David E. Bullwinkle is Chief Financial Officer and Senior Vice President of Eastman Kodak Company, serving as CFO since July 2016 and previously President of Eastman Business Park from November 2018 to July 2023 . He is 49 years old, a Certified Public Accountant (NY), with an MBA from St. John Fisher College and a B.S. in Accounting from SUNY Geneseo . Company performance in 2024: revenue $1.043 billion (down 7% y/y), gross profit $203 million with 19% margin , total shareholder return rose to 141 vs. 84 in 2023 and net income was $102 million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Eastman Kodak Company | Chief Financial Officer & Senior Vice President | 2016–present | Leads worldwide treasury, internal audit, controller and tax; accountable for financial strategy |
| Eastman Business Park (Kodak) | President | Nov 2018–Jul 2023 | Advanced growth strategy for the Park business |
| Eastman Kodak Company | Director, Corporate FP&A; Vice President, Finance | Nov 2010–Jun 2016 | Led planning/analysis supporting corporate decisions |
| Eastman Kodak Company | Director, Investor Relations | Aug 2013–Jun 2016 | Capital markets engagement and disclosure |
| Eastman Kodak Company | Worldwide BU Controller; Assistant Corporate Controller; External Reporting Manager | 2004–2010 | Business unit control, corporate reporting |
| Birds Eye Foods, Inc. | Manager of Financial Reporting | 2002–2004 | External reporting for a food manufacturer |
| PricewaterhouseCoopers | Assurance Manager (various roles) | 1996–2002 | Audit experience and assurance leadership |
External Roles
No current external board roles disclosed in reviewed filings.
Fixed Compensation
| Item | 2024 |
|---|---|
| Base Salary (annual rate) | $460,000 |
| Target Bonus % of Salary | 35% (reduced from 65% in May 2023) |
| Actual Bonus Paid (cash) | $161,000 |
Multi-year summary compensation for David Bullwinkle:
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $458,397 | $458,397 | $458,397 |
| Bonus ($) | $0 | $46,000 | $161,000 |
| Stock Awards ($) | $0 | $428,000 | $6,855 |
| Option Awards ($) | $0 | $590,495 | $0 |
| Change in Pension Value ($) | $116,680 | $168,646 | $84,879 |
| Total ($) | $575,077 | $1,691,538 | $711,131 |
Performance Compensation
Annual incentive and discretionary bonus (2024):
| Metric | Weighting | Target | Actual | Payout ($) | Notes |
|---|---|---|---|---|---|
| Adjusted EBITDA vs Annual Commitment Plan | N/A | Not disclosed | Exceeded ACP | $161,000 | Discretionary award by Board recognizing performance |
| Advanced Materials & Chemicals profit/revenue | N/A | Not disclosed | Continued profit and revenue growth | Included in above | — |
| Tariff petition process | N/A | Not disclosed | Successfully completed | Included in above | — |
Long-term equity awards and vesting:
| Award Type | Grant Date | Shares (#) | Grant Date/Reported Value | Vesting Schedule | Performance Metric |
|---|---|---|---|---|---|
| RSU | 03/26/2024 | 1,500 | $6,855 grant-date fair value | Immediate vest on grant approval | None |
| RSU (unvested) | 05/17/2023 | 33,334 | $219,004 market value at 12/31/2024 (using $6.57) | Vests in equal tranches 05/17/2024, 05/17/2025, 05/17/2026 | |
| PSU (unvested) | 05/17/2023 | 50,000 | $328,500 market value at 12/31/2024 | Cliff vest 05/17/2026 | 20-day VWAP must exceed $4.71 |
Option grants (exercisable/unexercisable profile and expirations):
| Grant Date | Shares (#) | Strike ($) | Expiration | Vesting Notes |
|---|---|---|---|---|
| 07/27/2020 | 15,000 | $3.03 | 02/19/2026 | Vested in three equal instalments 2021–2023; expiration reinstated to 02/19/2026 |
| 07/27/2020 | 10,000 | $4.53 | 02/19/2026 (reinstated) | Same vest schedule; expiration reinstated |
| 07/27/2020 | 10,000 | $6.03 | 02/19/2026 (reinstated) | Same vest schedule; expiration reinstated |
| 07/27/2020 | 10,000 | $12.00 | 02/19/2026 (reinstated) | Same vest schedule; expiration reinstated |
| 07/01/2016 | 45,942 | $16.24 | 06/30/2026 | Vested over three years; expiration extended then reinstated per policy |
| 09/14/2017 | 355,330 | $12.50 | 09/13/2027 | Vested over three years; expiration extended then reinstated per policy |
| 12/03/2018 | 72,017 | $3.90 | 12/03/2028 | Vested over three years; expiration extended then reinstated per policy |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Total beneficial ownership (common shares) | 609,527 |
| Percent of shares outstanding | Omitted (<1% disclosed by company practice) |
| Components (included in beneficial count) | 16,667 RSUs vesting 05/17/2025 ; 518,289 options presently exercisable |
| Shares pledged as collateral | Prohibited under insider trading policy |
| Hedging of company stock | Prohibited under insider trading policy |
| Executive ownership guideline | Senior Vice President: 2× base salary; hold 50% of net-settled shares until target met |
| Compliance status | Not disclosed in filings reviewed |
Pension benefits:
| Plan | Years of Credited Service | Present Value of Accumulated Benefit ($) |
|---|---|---|
| KRIP (cash balance) | 20.35 | $609,917 |
Upcoming vesting and expirations (potential trading/flow signals):
| Event | Date | Shares | Condition |
|---|---|---|---|
| RSU tranche vest | 05/17/2025 | 16,667 | Time-based vesting |
| PSU vest | 05/17/2026 | 50,000 | 20-day VWAP > $4.71 |
| 2020 option expirations (4 tranches) | 02/19/2026 | 15,000 / 10,000 / 10,000 / 10,000 | Strikes $3.03 / $4.53 / $6.03 / $12.00 |
| 2016 option expiration | 06/30/2026 | 45,942 | Strike $16.24 |
| 2017 option expiration | 09/13/2027 | 355,330 | Strike $12.50 |
| 2018 option expiration | 12/03/2028 | 72,017 | Strike $3.90 |
Employment Terms
| Term | Detail |
|---|---|
| Agreement effective date | July 1, 2016; indefinite term |
| Base salary floor | ≥ $400,000; increased to $460,000 (2018) |
| Annual bonus target | ≥ 35% of base (reduced from 65% in May 2023) |
| Severance (no cause/good reason) | Cash severance = 1× base salary; continued vesting of equity per award terms; EXCEL eligibility |
| Change-in-control economics | Double-trigger: if involuntary termination within 2 years, same severance benefits as above |
| Non-compete / non-solicit | Required under Employee’s Agreement; non-compete up to 18 months; non-solicit 1 year post-termination |
| Clawback policy | NYSE-compliant recoupment of erroneously awarded incentive pay on no-fault basis over 3 prior years upon restatement |
| Hedging/pledging | Prohibited for executives |
| Change-in-control excise tax gross-ups | None |
| Perquisites | Generally not provided to NEOs |
Compensation governance context:
- Committee/consultant: Compensation, Nominating and Governance Committee engaged Lyons, Benenson & Co. for executive pay guidance .
- Benchmarking: Target total compensation positioned around peer median; peer group spans chemicals, printing, tech hardware, etc. .
- Say-on-pay: 95% approval at 2024 annual meeting .
Investment Implications
- Alignment: Significant equity exposure via currently exercisable options (518,289) and unvested RSUs/PSUs indicates meaningful skin-in-the-game; hedging and pledging are prohibited, supporting alignment with shareholders .
- Vesting/selling pressure: A time-based RSU tranche vests May 17, 2025 (16,667 shares), and a 50,000-share PSU cliff vests May 17, 2026 subject to a $4.71 VWAP condition; options have clustered expirations in 2026–2028, creating potential liquidity and selling windows around those dates .
- Retention risk: Severance is modest (1× base salary) with double-trigger change-in-control protection and continued vesting of equity on qualifying terminations, suggesting balanced retention incentives without excessive golden parachute risk .
- Pay-for-performance: EXCEL payouts were not made in 2024, but the Board granted discretionary cash bonuses tied to adjusted EBITDA above the Annual Commitment Plan and operational achievements—investors should monitor the degree of discretion vs. formulaic metrics going forward .