KLCP Co-Investment Opportunities III LP 4

What Happened

• Kennedy Lewis Management LP (the Adviser, reported as a director/deputized director) recorded dispositions and simultaneous acquisitions on 2026-03-11 totaling 1,000,000 shares of Eastman Kodak 6.0% Series B Convertible Preferred Stock. The filing shows four disposals (D) and four corresponding acquisitions (A) of 746,620; 69,171; 5,730; and 178,479 preferred shares (aggregate = 1,000,000). All transactions are reported as derivative securities with no per-share price (N/A) — this reflects a redesignation/exchange under a Certificate of Amendment, not a cash sale or purchase.

Key Details

• Transaction date: March 11, 2026; Form 4 filed March 12, 2026 (filed promptly the next day).
• Amount involved: 1,000,000 shares of Preferred Stock reclassified (no cash exchanged; prices reported as N/A).
• Post-transaction ownership: These Preferred shares are held directly by Kennedy Lewis-affiliated funds (Master Fund III, KLIM Delta HQC3, EU SPV, and KLCP Co‑Invest). The Adviser and related entities disclaim direct beneficial ownership except to the extent of any pecuniary interest. The filing does not report a change in cash holdings of common stock.
• Notable terms from the Certificate of Amendment (footnotes): dividend rate increased to 6% (from 4%); conversion rate changed to 10 common shares per Preferred share (previously ~9.5238); certain redemption and conversion rights apply; Preferred shares have a $100 liquidation preference and mandatory redemption date of June 11, 2029.
• Beneficial ownership limit: Conversions are subject to a 4.99% beneficial ownership cap (Funds may adjust with 61 days’ notice).
• Filing status: Not marked late; this appears to be a technical reclassification tied to the charter amendment rather than open‑market insider buying or selling.

Context

• For retail investors: this filing documents a corporate securities redesignation (Preferred stock terms changed) recorded by Kennedy Lewis funds and their adviser. It is not a standard insider cash sale or purchase that signals personal trading intent. The filing mainly updates legal/structural terms (higher dividend, different conversion ratio) and records the exchange of old preferred shares for the newly designated preferred shares.