Navistar International Corporation has amended its settlement agreements with two shareholders — Icahn Partners and MHR Fund Management — and made changes to its Stockholder Rights Plan to allow 19.99 percent ownership of common stock as opposed to the current 15 percent.
The company’s agreement with Icahn and MHR allows the two shareholders to designate two nominees for election tot he Board of Directors at Navistar’s annual shareholder meeting in February 2014. Icahn and MHR, as part of the agreement, will not run a proxy contest at the February meeting and will support toe board’s nominees, Navistar says.
The new Stockholder Rights Plan is good until June 18, 2015.
Also, Navistar announced John C. Pope will retire from the board, effective immediately, to make room for an additional director, per the settlement agreements.