Navistar, Inc. Letter Agreement with William A. Caton Regarding Post-Severance Healthcare Coverage (October 20, 2009)
Navistar, Inc. sent this letter to William A. Caton to confirm an additional agreement related to his executive severance. After his 36 months of continued healthcare coverage post-termination, if he cannot obtain comparable coverage, Navistar will allow him and his spouse to purchase the company's healthcare coverage at full cost until they become eligible for Medicare. This agreement supplements previous severance arrangements and clarifies extended healthcare options for Mr. Caton and his spouse.
EXHIBIT 10.103
 | Navistar, Inc. 4201 Winfield Road Warrenville, IL 60555 USA
P: 630 ###-###-#### W: navistar.com |
October 20, 2009
Mr. William A. Caton
427 Brantley Place
Wheaton, IL 60187
Dear Bill:
As approved by Navistar International Corporation’s Compensation Committee of the Board of Directors on October 19, 2009, this letter confirms an additional agreement item beyond what was agreed to in your July 2, 2008 letter from Steven Covey and me and your Amendment of Executive Severance Agreement (ESA) effective June 17, 2008.
Your Amendment of ESA provided you with “continued healthcare coverage for the 36 month period immediately after the date of Termination, with the same coverage option as in effect immediately before the date of Termination…” If after this 36 month period of continued coverage, you are not able to purchase comparable healthcare coverage for you and your spouse, Navistar will provide you with the opportunity to purchase Navistar’s coverage at the 100% cost of coverage rate, in affect at the time, until which time you and/or your spouse, Vicci, are eligible for Medicare benefits.
| Sincerely, |
| /S/ GREG W. ELLIOTT |
| Greg W. Elliott Senior VP, HR and Administration |
E-18
