SCHEDULE 13D/A: Major Investor B. Thomas Golisano and GO EK Ventures Increase Eastman Kodak Stake to 13.1%

B. Thomas Golisano and GO EK Ventures IV, LLC have increased their beneficial ownership in Eastman Kodak Co. to 13.1% through payment-in-kind dividends and restricted stock unit conversions.

Summary

• Reporting Persons, GO EK Ventures IV, LLC and B. Thomas Golisano, have increased their beneficial ownership in Eastman Kodak Co.
• Their aggregate beneficial ownership now stands at 12,161,313 shares of Common Stock.
• This represents approximately 13.1% of Eastman Kodak's total outstanding Common Stock.
• The percentage is based on 80,400,000 shares issued and outstanding as of November 1, 2024, as reported in the Issuer's Form 10-Q.
• Between January 1, 2023, and January 1, 2025, the Reporting Persons acquired 128,140 shares of Series C Preferred Stock as payment-in-kind (PIK) dividends.
• Most recently, 14,955 shares of Series C Preferred Stock were received as a PIK dividend on January 1, 2025.
• Mr. Golisano also received 22,075 shares of Common Stock on May 16, 2023, and 6,273 shares of Common Stock on August 23, 2023, from restricted stock units awarded under the Issuer's 2013 Omnibus Incentive Plan for his service as a director.

Sentiment

Score: 7

Explanation: The filing indicates a continued and slightly increased stake by a major investor, B. Thomas Golisano, through expected mechanisms like PIK dividends and RSU conversions. This suggests ongoing confidence from a significant holder, which is generally a positive signal for the company's stability and long-term prospects, without revealing any negative surprises.

Positives

• Continued accumulation of shares by a significant investor (B. Thomas Golisano and GO EK Ventures IV, LLC) may signal confidence in the company's long-term prospects.
• The increase in ownership through payment-in-kind dividends on preferred stock indicates a structured return on existing investment.
• Conversion of restricted stock units into common stock for a director (Mr. Golisano) aligns management's interests with shareholders.

Future Outlook

This filing primarily details past and current beneficial ownership. It does not provide explicit forward-looking statements or guidance regarding the company's future performance or strategic direction, beyond the continued holding and accumulation of shares by a significant investor.

Management Comments

• "Between January 1, 2023 and January 1, 2025, the Reporting Persons acquired beneficial ownership of a total of 128,140 shares of the Issuer's Series C Preferred Stock as payment-in-kind dividends quarterly under the terms of the Series C Preferred Stock."
• "Of these shares, most recently the Reporting Persons received 14,955 shares of Series C Preferred Stock as a payment-in-kind dividend on shares of Series C Preferred Stock owned on the January 1, 2025 dividend record date."
• "In addition, in connection with his service as a director, Mr. Golisano was awarded under the Issuer's 2013 Omnibus Incentive Plan restricted stock units which converted into 22,075 shares of Common Stock under their terms on May 16, 2023 and 6,273 shares of Common Stock under their terms on August 23, 2023."

Industry Context

This Schedule 13D filing indicates a continued and slightly increased stake by a major investor, B. Thomas Golisano, in Eastman Kodak Co. While not directly related to broader industry trends, the sustained investment by a significant holder can be interpreted as a vote of confidence in the company's ongoing transformation efforts within the imaging and materials science sectors. It suggests that key stakeholders believe in the long-term value proposition of Eastman Kodak, despite the evolving landscape of its core industries.

Comparison to Industry Standards

• This document is a beneficial ownership filing (Schedule 13D) and does not contain information that allows for a direct comparison of Eastman Kodak's operational or financial results against global industry benchmarks or specific comparable companies/projects. It focuses solely on the ownership stake of a particular investor group.

Related Party Transactions

• The acquisition of Common Stock by Mr. Golisano through the conversion of restricted stock units awarded under the Issuer's 2013 Omnibus Incentive Plan is related to his service as a director.
• The acquisition of Series C Preferred Stock as payment-in-kind dividends by GO EK Ventures IV, LLC, where Mr. Golisano is the sole member, represents a transaction with a related party.

Stakeholder Impact

• Shareholders: The continued and slightly increased stake by a major investor may instill confidence and signal long-term commitment, potentially stabilizing or positively influencing share price perception.
• Management: The alignment of a director's interests with shareholders through RSU conversions reinforces corporate governance.
• Creditors: No direct impact mentioned, but a stable ownership base can indirectly signal financial stability.

Key Dates

Recommendation

Keywords

Eastman Kodak Co, KODK, Schedule 13D, Beneficial Ownership, B. Thomas Golisano, GO EK Ventures IV LLC, Series C Preferred Stock, Common Stock, Investor Stake, PIK Dividends, Restricted Stock Units