First Amendment to Employment and Services Agreement by and among Navistar International Corporation, Navistar, Inc., and Lewis B. Campbell
This amendment updates the employment agreement between Navistar International Corporation, its subsidiary Navistar, Inc., and Lewis B. Campbell. It adds provisions for two $250,000 bonuses: one payable shortly after the amendment's effective date and another on the first anniversary, provided Mr. Campbell remains employed or in service at those times. If his employment ends under certain conditions while serving as Interim CEO or Executive Chairman, the unpaid bonus will be paid in a lump sum. All other terms of the original agreement remain unchanged.
Exhibit 10.4
FIRST AMENDMENT TO EMPLOYMENT AND SERVICES AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AND SERVICES AGREEMENT (the Amendment) is made by and among Navistar International Corporation, a Delaware corporation, its principal operating subsidiary, Navistar, Inc., a Delaware corporation and Lewis B. Campbell (Executive) (collectively, the Parties). This Amendment is effective as of October 5, 2012.
RECITALS
WHEREAS, the Parties entered into an Employment and Services Agreement on August 26, 2012 (the Agreement); and
WHEREAS, the Parties now wish to amend the Agreement as set forth below;
NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound hereby, agree as follows:
1. Section 3 of the Agreement is hereby amended to add the following new subsection (e) at the end thereof:
(e) Signing and Retention Bonuses. The Company shall pay to Executive: (a) $250,000, with such amount to be paid as soon as practicable following the effective date of the First Amendment to this Agreement (the Amendment Date); and (b) $250,000, with such amount to paid on the first anniversary of the Amendment Date; provided, however, that each such payment shall be made only if Executive is employed by, and/or in service to, the Company on the date of such payment; and provided further, however, that if while Executive is Interim CEO or Executive Chairman, Executives employment and service with the Company is terminated (i) by the Company without Cause, or (ii) by Executive due to Constructive Termination, then such amount shall be paid in a lump sum as soon as practicable following the date of such termination.
2. Except as modified by this Amendment, the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, each of the Parties has executed this Agreement, in the case of Navistar International Corporation and Navistar, Inc. by a duly authorized officer, on the day and year written below.
NAVISTAR INTERNATIONAL CORPORATION | ||
/s/ Curt A. Kramer | Date: 10/5/2012 | |
By: Curt A. Kramer, Corporate Secretary | ||
NAVISTAR, INC. | ||
/s/ Curt A. Kramer | Date: 10/5/2012 | |
By: Curt A. Kramer, Corporate Secretary | ||
EXECUTIVE: | ||
/s/ Lewis B. Campbell | Date: 10/5/2012 | |
Lewis B. Campbell |