Continenza owns 650,000 Kodak shares, stock options allowing him to buy another 3.8 million shares at prices between $3 and $12, and phantom stock tied to his reelection as a director that will grant him another 242,000 shares, Securities and Exchange Commission filings show.
The Kodak boss was granted 1.75 million of the stock options on Monday under an incentive plan introduced in 2013, SEC filings show. Around 29% of the new options vest immediately, while the remainder are set to vest next year. All of the options expire in February 2026.
Kodak, a company best known for making cameras and photographic film, saw its stock price explode this week after it secured a $765 million government loan to make drug ingredients in response to the coronavirus pandemic.
Continenza bought his 650,000 Kodak shares for roughly $1.5 million between August 2019 and June 23 this year, SEC filings show. They have surged in value from about $1.7 million on Monday to $21.6 million on Wednesday, based on Kodak’s closing stock price of $2.62 and $33.20 on those days.
Meanwhile, Continenza’s stock options allow him to eventually buy 3.8 million more shares for less than $18 million.
Those options were basically worthless on Monday, but could now net him $108 million based on Kodak’s closing price on Wednesday. The phantom stock is worth another $8 million and doesn’t cost anything.