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NAVISTAR 1998 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN

Stock Option Agreement

NAVISTAR 1998 NON-EMPLOYEE DIRECTORS 

STOCK OPTION PLAN
 | Document Parties: NAVISTAR INTERNATIONAL CORP You are currently viewing:
This Stock Option Agreement involves

NAVISTAR INTERNATIONAL CORP

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Title: NAVISTAR 1998 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN
Governing Law: Delaware     Date: 4/20/2007
Industry: Auto and Truck Manufacturers     Sector: Consumer Cyclical

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Exhibit 10.70

 

Board of Directors Resolutions

 

 

NAVISTAR 1998 NON-EMPLOYEE DIRECTORS

STOCK OPTION PLAN

 

WHEREAS, Navistar International Corporation (the “Corporation”) maintains the Navistar 1998 Non-Employee Directors Stock Option Plan, as may be amended from time to time (the “1998 Directors Plan”); and

 

WHEREAS, the 1998 Directors Plan, in relevant part, generally reserves to the Corporation’s Board of Directors (the “Board”) the right to modify the 1998 Directors Plan at any time, provided that no amendment to the 1998 Directors Plan shall, without the consent of the affected option holder, adversely affect any right under any stock option or other award previously granted thereunder;

 

NOW, THEREFORE, BE IT RESOLVED, that the Board hereby amends the 1998 Directors Plan, effective as of the dates specified herein, as follows:

 

1.  

Section 7 of the 1998 Directors Plan is hereby amended by adding the following text, effective as of the date on which the 1998 Directors Plan was established (or such other effective date, as specifically provided below), to the end thereof, to read as follows:

 

“Notwithstanding any provision of the Plan to the contrary, to the fullest extent permitted under Applicable Law, as defined in Section 15, the exercise of an option granted under the Plan shall be settled solely in shares of Common Stock of th


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