Navistar International Corporation Board of Directors Resolution on Non-Employee Director Compensation and Restricted Stock Plan Amendment
Navistar International Corporation's Board of Directors has approved an increase in the annual retainer for non-employee directors from $50,000 to $60,000, effective October 1, 2003. Additionally, the Board amended the Restricted Stock Plan, under which a portion of the retainer is paid in restricted shares, to set its expiration date as December 31, 2005. These changes affect how non-employee directors are compensated and clarify the duration of the stock plan.
NAVISTAR INTERNATIONAL CORPORATION
Exhibit 10.35
Board of Directors Resolutions
WHEREAS, the current annual retainer paid to non-employee Directors of the Corporation is $50,000;
WHEREAS, one-fourth of the annual retainer to non-employee Directors is paid in the form of restricted shares of the Corporation’s common stock, pursuant to a formula plan that was approved by the shareholders of the Corporation effective January 1, 1996 (the “Restricted Stock Plan”); and
WHEREAS, the Board of Directors wishes to increase the annual retainer paid to non-employee directors to $60,000 and amend the Restricted Stock Plan to provide that the Plan will expire on December 31, 2005.
RESOLVED, that the Board of Directors hereby increases the annual retainer paid to non-employee directors to $60,000, effective October 1, 2003; and
FURTHER RESOLVED, that the Board of Directors hereby amends the non-employee Director Restricted Stock Plan to provide that the Plan shall expire on December 31, 2005.
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