Letter Agreement Regarding Special Severance Plan dated May 31, 2018 between Eastman Kodak Company and Roger W. Byrd

Karen Kelly, Director, Excellence and Vice P

Exhibit (10.31)

Total Rewards and Operational resident, Human Resources

May 31, 2018

TO:Roger Byrd

SUBJECT:Special Severance Plan

Dear Roger:

In recognition of your critical contributions to the Legal organization, I am pleased to inform you of the Company’s agreement to provide you with special severance protection, effective upon your agreement with the terms of this letter (“Agreement”). We hope that by providing you with this enhanced severance protection, you can maintain focus on the critical deliverables laid out for you in 2018 and beyond.

Under the terms of this letter, if your employment terminates without cause (as defined in the attached Appendix), we will provide for severance protection at 1X your base salary (“Separation Pay”).

If the Company is required to pay severance or termination benefits to you under any other plan, agreement or arrangement, or by law, the Separation Pay payable to you under this Agreement will be reduced by the amount of the required severance or termination benefits required to be paid to you under such other plan, agreement or arrangement, or by law. This provision is intended to prevent duplication of benefits, and is not intended to permit an alteration in the time or form of the Separation Pay payable under this Agreement.

This Agreement is confidential and should not be discussed with anyone (including co-workers) other than your family members and your financial and legal advisors. These individuals must also keep the terms of the Agreement confidential. We are relying on your sensitivity and professionalism in observing this request.

On behalf of Kodak and the Legal organization, I want to thank you for your service and look forward to your continued contributions.

Sincerely,

/s/ Karen M. Kelly

Director, Total Rewards and Operational Excellence and Vice President, HR

Eastman Kodak Company • 343 State Street • Rochester, NY ###-###-####

Appendix Special Severance Plan

Qualifying Terminations:

(i)your continued failure, for a period of at least 30 calendar days following a written warning, to perform your duties in a manner deemed satisfactory by your supervisor, in the exercise of his or her sole discretion; (ii) your failure to follow a lawful written directive of Kodak’s Chief Executive Officer, your supervisor or Kodak’s Board of Directors; (iii) your willful violation of any material rule, regulation, or policy that may be established from time to time for the conduct of the Company’s business; (iv) your unlawful possession, use or sale of narcotics or other controlled substances, or performing job duties while illegally used controlled substances are present in the your system; (v) any act or omission or commission by you in the scope of your employment (A) which results in the assessment of a civil or criminal penalty against you or the Company, or (B) which in the reasonable judgment of your supervisor could result in a material violation of any foreign or U.S. federal, state or local law or regulation having the force of law; (vi) your conviction of or plea of guilty or no contest to any crime involving moral turpitude; (vii) any misrepresentation of a material fact to, or concealment of a material fact from, your supervisor or any other person in the Company to whom you have a reporting relationship in any capacity; or (viii) your breach of the Company’s Business Conduct Guide or the Eastman Kodak Company Employee’s Agreement.

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Payment of Separation Pay; Tax Withholding:

The Separation Pay payable to you in the event of your Qualifying Termination shall be paid over the 12-month period following the Qualifying Termination in accordance with the Company’s usual payroll practices, less the amount of applicable federal, state and local income and employment tax withholdings. The payment of Separation Pay shall commence with the first full payroll period following the expiration of the period during which you may revoke the waiver and release required above, and the first installment of Separation Pay shall include any installments that would otherwise have been paid following the date of your Qualifying Termination and before the payment date of such first installment of Separation Pay.

Section 409A:

The Separation Pay is intended to qualify for an exemption from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations promulgated and other official guidance issued thereunder (collectively, “Section 409A”), and this Agreement shall be administered and interpreted consistent with such intent. Notwithstanding the foregoing, the Company makes no representations that the Separation Pay is exempt from Section 409A, and in no event will the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you on account of non-compliance with Section 409A. Each payment under this Policy shall be deemed to be a separate payment for purposes of Section 409A. References to “termination of employment” and similar terms used in this Agreement mean a “separation from service” within the meaning of Section 409A. In the event that you are a “specified employee” (within the meaning of Section 409A and as determined by the Company) at the time of separation from service, any compensation payable hereunder by reason of such separation of service that would otherwise be paid during the six-month period immediately following such separation from service shall instead be paid on the first day of the seventh month following the separation from service if and to the extent required to comply with Section 409A.

Miscellaneous:

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you pursuant to this Agreement and you shall immediately repay to the Company all moneys previously paid to you pursuant to this Agreement.

E.No Waiver. The failure by the Company or its agent to enforce any provision of this Agreement at any time or from time to time, and with respect to any person or persons, shall not be construed to be a waiver of such provision, nor in any way limit the Company's or its agent's ability to enforce such provision in any situation.

F.Severability. If part or all of any of the provisions of this Agreement shall be held or deemed to be or shall in fact be inoperative or unenforceable as applied in any particular situation, such circumstances shall not have the effect of rendering any other parts of the provision at issue or other Agreement provisions invalid, inoperative or unenforceable to any extent whatsoever.

G.Governing Law. This Agreement shall be construed in accordance with the laws of New York State without regard to the conflicts of law principles thereof.

H.Headings. The headings used in this Agreement are for convenience of reference only and will not control or affect the meaning or construction of any of its provisions.

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