2009 Long-Term Incentive Equity Grants
EXHIBIT 10.85
2009 Long-Term Incentive Equity Grants
On December 15, 2008 the Compensation Committee and Board of Directors approved the long-term incentive equity grants to those individuals set forth below in the amount and upon the terms and conditions set forth below.
General Terms of Grant:
| * | Form of grant: A combination of stock option and restricted stock unit awards for executive officers and only stock options for non-employee directors. |
| * | Vesting: Both the stock option grant and the award of restricted stock units vest equally over a 3 year period. |
| * | Grant date: December 16, 2008. |
| * | Exercise Price for Stock Options: $22.655. |
| * | Number of stock options and restricted stock units: |
| Stock Option | RSU | |||
| Daniel C. Ustian, Chairman, President and CEO | 91,656 | 18,057 | ||
| William A. Caton, Executive Vice President and Chief Risk Officer | 41,942 | 8,263 | ||
| Terry M. Endsley, Executive Vice President Chief Financial Officer | 31,959 | 6,296 | ||
| Deepak T. Kapur, President—Truck Group | 31,959 | 6,296 | ||
| Pamela J. Turbeville, SVP & CEO Navistar Financial Corporation | 20,703 | 4,078 | ||
| Steven K. Covey, SVP, General Counsel and Chief Ethics Officer | 20,703 | 4,078 |
Each Non-Employee Director—3,600 stock options in lieu of their traditional annual stock option grant of 4,000 shares.
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