CEO Continenza Buys Shares as Kodak’s PSUs Vest, Hinting at Bullish Outlook for the Imaging Giant

Insider Activity at Eastman Kodak: A Closer Look at the Current Deal

On February 12 2026, Executive Chairman and CEO James V. Continenza executed a buy of 122,549 shares of Kodak stock at a price of $7.72 per share, the price being virtually unchanged from the market close of $7.67. The transaction was a vesting of performance‑based restricted‑stock units (PSUs) under the company’s 2013 Omnibus Incentive Plan, and it was exempt from Rule 16b‑3. In the same filing, Continenza also sold 4,173 shares and 2,103 shares to satisfy tax withholding obligations on the vesting. The net effect was an increase in his holdings to 3,050,896 shares. The deal was accompanied by a modest positive sentiment score (+13) and a high social‑media buzz of 173 %—well above the 100 % baseline—indicating that the market’s attention was sharply focused on this move.

What Does This Mean for Investors?

Continenza’s purchase of shares at a time when the stock is trading near its 52‑week low suggests a bullish view that the company is poised for a rebound. His PSUs vest only when Kodak meets specific financial targets, so the transaction is tied to a performance‑driven incentive structure that aligns his interests with shareholders. For investors, this can be a positive signal that the top executive believes the firm’s current valuation is undervalued relative to its long‑term potential. However, the relatively small scale of the purchase (122,549 shares) and the company’s modest market cap (~$739 million) mean that the move is unlikely to move the market on its own. Investors should watch for subsequent performance milestones that unlock the remaining PSUs and look for a sustained uptick in share price that could confirm the CEO’s confidence.

Continenza’s Insider Trading Profile

A review of Continenza’s recent filings shows a pattern of buying shares in large blocks when PSUs vest, followed by tax‑withholding sales that keep the overall net purchase modest. In December 2025, he bought over 1.15 million shares and sold over 600,000 shares in a single trade, resulting in a net increase of ~1.2 million shares. His holdings also include a substantial amount of restricted stock units (RSUs) and phantom stock, all vesting over the next few years. The volume of stock options held (up to 350,000 shares) indicates a long‑term stake that will only become active upon specific triggers. Overall, the pattern is one of a disciplined, performance‑linked accumulation rather than opportunistic trading.

Broader Insider Activity Context

While Continenza’s transactions dominate the filing, other senior officers have also made moves. The CFO, David E. Bullwinkle, has bought and sold small blocks of common stock and maintained sizeable option positions. The General Counsel, Roger B. Byrd, has mainly held option positions with a few minor trades. The company’s insiders collectively maintain a significant pool of options and RSUs that will vest over the next several years, providing a layer of long‑term commitment that could help anchor shareholder confidence.

Outlook for Kodak

Kodak’s stock has been trading below its 52‑week high, with a P/E of –24.82 that reflects earnings volatility. The company’s price‑to‑book ratio of 0.97 signals that the market values it slightly below its book value, a typical trait of a firm in transition. The CEO’s recent purchase, aligned with performance vesting, may be interpreted as a signal that the company’s strategic initiatives—particularly in digital imaging and packaging—are expected to deliver incremental earnings growth. For investors, the key will be to monitor whether the company hits the financial targets that trigger the PSUs and whether the stock price starts to climb toward the December 2025 high. A sustained move above $8.50 would likely validate the CEO’s confidence and could attract additional investor interest.