Document:

Unassociated Document

Exhibit 10.38

CIT GROUP INC.
 11 West 42
                     nd Street
 New York, NY 10017

March 28, 2012

C. Jeffrey Knittel
 CIT Group Inc.
 11 West 42nd Street
 New York, NY 10017

Re: Extension of Term of Employment
Agreement

Dear Jeff:

This letter will confirm that the Board of Directors of CIT Group
Inc. (the “Company”) has determined to extend the “Term” of your Amended and Restated Employment Agreement
with the Company dated as of May 7, 2008, as amended (your “Employment Agreement”) for one year, through December 31,
2012.

You acknowledge that neither your Employment Agreement nor this
extension letter (i) entitle you to receive any payment or benefit to the extent that it is prohibited or limited by applicable law and/or regulation,
nor (ii) constitute grounds for your resignation for “Good Reason” as defined under your Employment Agreement.

You and the Company agree that the provisions of your Employment
Agreement, as revised and extended by this letter remain in full force and the Term shall continue through December 31, 2012, without interruption.
Nothing in this letter is intended to confer any rights on any person other than you or the Company.

Please acknowledge your agreement by signing the enclosed copy of
this letter and returning it to me as soon as possible. On behalf of the Board, I thank you for your continued service with the
Company.

Very truly yours,

/s/ Robert J. Ingato

Robert J. Ingato
 Executive Vice President,
 General
Counsel

Accepted and Agreed:

/s/ C. J. Knittel

C. Jeffrey KnittelExhibit 10.1  

Alico, Inc. 2011 Long-Term
Incentive Program  

1.Program.The
terms and conditions set forth in these resolutions for the award of restricted common stock of the Company to certain key executive
officers will be known as the Alico, Inc. 2011 Long-Term Incentive Program (the “Program”) when approved by
the Board pursuant to Article VIII of the Alico, Inc. 2008 Incentive Equity Plan.

2Participants.Eligible
participants in the Program (“Participants”) will be key executive officers identified by the
Board (which include the Chief Operating Officer, the Chief Financial Officer, the Treasury Manager and the President of Alico
Land Development, Inc., but does not include the Chief Executive Officer.)

3.Contingent
Awards of Restricted Stock.Participants in the Program will be eligible to receive awards of restricted common stock
of the Company if the Performance Criteria or Partial Performance Criteria (each as defined below) are achieved. The restricted
common stock will be subject to vesting restrictions as specified below. No restricted common stock will be awarded under the
Program unless the Performance Criteria or Partial Performance Criteria are achieved during the five year period following the
Award Date (the “Performance Period”) as specified in paragraphs 4 and 5 below. Each Participant will be required
to sign an Award Agreement with the Company setting forth the terms of the Award and stating that the Participant’s employment
by the Company will be “at will” and that neither the Award nor the Award Agreement shall constitute an assurance of
continued employment.

4.Number
of Shares.The number of shares of restricted common stock subject to award to each respective Participant (the “Award
Level”) shall be equal to the product of (i) the percentage of base salary represented by the annualized value of long term
incentive compensation which ranks at the 75 th percentile (with the 100th percentile being ranked highest) for the comparable
executive officer of peer group companies (determined from a survey provided by a compensation consultant and approved by the
Board);   multiplied by (ii) the median base salary of the comparable executive officer at peer group companies; and
multiplied by (iii) three (to reflect a 3-year compensation period under the Program); divided by (iv) $25.15 (the “Base
Stock Price”) [based on the 20 Day Weighted Average Closing Price of the Company’s common stock ending on May 26, 2011 (the
“Award Date”)].

5.Performance
Criteria.The Performance Criteria shall be deemed to have been achieved if, at any time during the Performance Period,
the weighted average of the closing prices of Alico common stock over the most recent 20 consecutive trading day period (the “20
Day Weighted Average Closing Price”) exceeds (i) 200% of the Base Stock Price at any time during the three year period commencing
on the Award Date, or (ii) 214% of the Base Stock Price during the one year period commencing on the third anniversary of the
Award Date and ending on the fourth anniversary of the Award Date, or (iii) 228% of the Base Stock Price at any time during the
one year period commencing on the fourth anniversary of the Award Date and ending on the fifth anniversary of the Award Date (in
each case, the “Target Average Stock Price”). If the 20 Day Weighted Average Closing Price equals or exceeds 100% of
the applicable Target Average Stock Price on any day during the Performance Period, Participants will be awarded, subject to vesting,
100% of their respective Award Levels.

6.Partial
Performance Criteria.If the Performance Criteria are not achieved during the Performance Period but at any time during
the Performance Period, the 20 Day Weighted Average Closing Price exceeded 90% of the applicable Target Average Stock Price, then
fifty percent (50%) of the Award Level for each respective Participant shall be awarded, subject to vesting, at the end of the
Performance Period (“Partial Performance”).

7.Adjustment
for Dividends.The Target Average Stock Price shall be reduced, on a dollar for dollar basis, by the per share amount
equal to the aggregate amount of all cash dividends paid, and by the fair market value of all property distributed, if any, to
the Company’s shareholders during the Performance Period.

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8.Vesting
of Shares.Shares of restricted common stock awarded to Participants pursuant to the Program shall vest and shall be
issued and delivered to Participants by the Company as follows:

a. A
number of shares of restricted common stock of the Company equal to Fifty Percent (50%) of the Award Level shall immediately vest
on achievement of 100% of the Performance Criteria (the “Achievement Date”), provided the Participant remains employed
by the Company in an executive position through such date, and such shares shall be promptly issued and delivered by the Company
to Participant. In the case of Partial Performance, a number of shares of restricted common stock of the Company equal to Twenty-Five
Percent (25%) of the Award Level shall vest on the last day of the Performance Period (which shall be deemed the “Partial
Performance Achievement Date” in the case of Partial Performance) and such shares shall be promptly issued and delivered
by the Company to the Participant.

b. A
number of shares of restricted common stock of the Company equal to Twenty-Five Percent (25%) of the Award Level shall vest on
the first anniversary of the Achievement Date (in the case of achievement of 100% of the Performance Criteria), provided the Participant
remains employed by the Company in an executive position through such date. In the case of Partial Performance, a number of shares
of restricted common stock of the Company equal to Twelve and One-Half Percent (12.5%) of the Award Level shall vest on the first
anniversary of the Partial Performance Achievement Date, provided the Participant remains employed by the Company in an executive
position through such date.

c. A
number of shares of restricted common stock of the Company equal to Twenty-Five Percent (25%) of the Award Level shall vest on
the second anniversary of the Achievement Date, provided the Participant remains employed by the Company in an executive position
through such date. In the case of Partial Performance, a number of shares of restricted common stock of the Company equal to Twelve
and One-Half Percent (12.5%) of the Award Level shall vest on the second anniversary of the Partial Performance Achievement Date,
provided the Participant remains employed by the Company in an executive position through such date.

d. No
rights of stock ownership, including voting and receiving dividends, will be exercisable, accrue or be payable to the awardee
until the shares of restricted common stock become vested in accordance with this Section 7, with the exception of total liquidation
or sale of the Company. In the event of total liquidation or sale of the Company, all shares awarded but unvested will become
fully vested provided the awardee remains employed by the Company through such liquidation or sale.

    	2Exhibit
10.2

RESTRICTED
STOCK AWARD AGREEMENT

This
RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is made as of this 19th day of April, 2012 (the “Award
Date”) between JD Alexander (the “Recipient”) and Alico, Inc., (the “Company”).

BACKGROUND

The
Board of Directors of the Company has adopted the Alico, Inc., 2011 Long-Term Incentive Program (the “Program”) as
part of the Alico, Inc. 2008 Incentive Equity Plan (the “Plan”). The Compensation Committee and the Board of Directors
of the Company have approved the contingent award of 93,793 shares (the “Shares”) of common stock, par value $0.01
per share, of the Company (“Common Stock”), subject to and in accordance with the terms of this Agreement.

Accordingly,
the parties agree as follows:

1.Contingent
Award of Restricted Stock. Subject to the terms and conditions of this Agreement (including satisfaction of the performance
criteria and vesting periods described herein), the Company hereby makes a contingent award of the Shares to the Recipient. The
Shares shall be issued from Common Stock reserved for issuance pursuant to the Program and the Plan as an issuance of Restricted
Stock (as defined in the Plan) under Article VIII of the Plan.

2.
Performance Criteria. Except in the event of a Change in Control (as defined below), Shares shall not be awarded to
the Recipient unless the “Performance Criteria” or “Partial Performance” are achieved during the five
(5) year period following the Award Date (the “Performance Period”). The Performance Criteria shall be deemed
to have been achieved if, at any time during the Performance Period, the average of the closing prices of the Common Stock over
the most recent 20 consecutive trading day period (the “20 Day Average Closing Price”) exceeds (i) $46.00 (representing
200% of the 20 Day Average Closing Price determined as of the Award Date (the “Base Stock Price”)) at any time
during the three year period commencing on the Award Date, or (ii) $49.22 (representing 214% of the Base Stock Price) at any time
during the one year period commencing on the third anniversary of the Award Date and ending on the fourth anniversary of the Award
Date, or (iii) $52.44 (representing 228% of the Base Stock Price) at any time during the one year period commencing on the fourth
anniversary of the Award Date and ending on the fifth anniversary of the Award Date (in each case, the “Target Average
Stock Price”). If the 20 Day Average Closing Price equals or exceeds 100% of the applicable Target Average Stock Price
on any day during the Performance Period, Recipient will be awarded, subject to vesting in accordance with Section 4 hereof, 100%
of the Shares. If the Performance Criteria are not achieved during the Performance Period but at any time during the Performance
Period, the 20 Day Average Closing Price exceeded 90% of the applicable Target Average Stock Price, then fifty percent (50%) of
the Shares shall be awarded, subject to vesting, at the end of the Performance Period (“Partial Performance”).

3.Adjustment
for Dividends. The Target Average Stock Price shall be reduced, on a dollar for dollar basis, by the per share amount equal
to the aggregate amount of all cash

    	 

    	 

    
dividends
paid, and by the fair market value of all property distributed, if any, to the Company’s shareholders during the Performance
Period.

4.Vesting
of Shares. Subject to Section 2 hereof, the Shares shall vest and shall be issued and delivered to Recipient by the Company
as follows:

a.Fifty
Percent (50%) of the Shares shall immediately vest on achievement of 100% of the Performance Criteria (the “Achievement
Date”), provided the Recipient remains employed by the Company in an executive position through such date, and such
Shares shall be promptly issued and delivered by the Company to Recipient. In the case of Partial Performance, Twenty-Five Percent
(25%) of the Shares shall vest on the last day of the Performance Period (which shall be deemed the “Partial Performance
Achievement Date” in the case of Partial Performance) and such Shares shall be promptly issued and delivered by the
Company to the Participant, provided the Participant remains employed by the Company in an executive position through such date.

b.Twenty-Five
Percent (25%) of the Shares shall vest on the first anniversary of the Achievement Date (in the case of achievement of 100% of
the Performance Criteria), provided the Recipient remains employed by the Company in an executive position through such date.
In the case of Partial Performance, Twelve and One-Half Percent (12.5%) of the Shares shall vest on the first anniversary of the
Partial Performance Achievement Date, provided the Participant remains employed by the Company in an executive position through
such date.

c.Twenty-Five
Percent (25%) of the Shares shall vest on the second anniversary of the Achievement Date, provided the Participant remains employed
by the Company in an executive position through such date. In the case of Partial Performance, Twelve and One-Half Percent (12.5%)
of the Shares shall vest on the second anniversary of the Partial Performance Achievement Date, provided the Participant remains
employed by the Company in an executive position through such date.

d.
No rights of stock ownership, including voting and receiving dividends, will be exercisable, accrue or be payable to the Recipient
until the Shares become vested in accordance with this Section 4.

e.Notwithstanding
anything to the contrary herein, 100% of the Shares shall be awarded and shall become fully vested upon a “Change of
Control” provided the Recipient remains employed by the Company immediately prior to the Change of Control. For the
purposes of this Agreement, “Change of Control” shall mean the occurrence of any of the following events:

(i)Any
time at which individuals who, as of the date hereof, constitute the board of directors (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director
subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by
a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual
were a member of the Incumbent Board;

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(ii)the
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of either (a) the then-outstanding shares of
Stock (the “Outstanding Company Shares”) or (b) the combined voting power of the then-outstanding voting securities
entitled to vote generally in the election of directors (the “Outstanding Voting Securities”) of the Company (the
“Outstanding Company Voting Securities”); provided that, for purposes of this definition, the following acquisitions
shall not constitute a Change of Control: (i) any acquisition directly from the Company; (ii) any acquisition by the Company;
and (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its
affiliates;

(iii)the
consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Company (a “Reorganization”), or the sale or other disposition of all or substantially all of the Company’s
assets (a “Sale”), unless immediately following such Reorganization or Sale, all of the individuals and entities
that were the beneficial owners of the Outstanding Company Shares immediately prior to such Reorganization or Sale beneficially
own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting
power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of
the corporation resulting from such Reorganization or Sale, including, without limitation, a corporation which as a result of
such transaction owns the Company or all or substantially all of the Company’s assets or stock either directly or through
one or more subsidiaries; or

(iv)a
liquidation of the Company by vote of the shareholders of the Company.

The
Incumbent Board retains the sole discretion to determine whether to accelerate vesting of awarded but unvested shares in circumstances
other than a Change of Control as defined in this Section 4 e.

f.
Vested Shares shall be distributed to Recipient in accordance with the requirements of Section 409A of the Internal Revenue Code
of 1986, as amended. As such, distributions made pursuant to this Agreement shall be made within 60 days of the date such Shares
vest in accordance with this Section 4.

5.
Investment Representations. The Recipient represents that the Shares are being acquired for investment and that Recipient
has no present intention to transfer, sell or otherwise dispose of the Shares, except in compliance with applicable securities
laws, and the parties agree that the Shares are being acquired in accordance with and subject to the terms, provisions and conditions
of this Agreement. These agreements shall bind and inure to the benefit of the parties’ respective heirs, legal representatives,
successors and assigns.

6.
Withholding. The Company shall be required to withhold the amount of taxes required to satisfy any applicable federal,
state and local tax withholding obligations arising from

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the
lapse of restrictions on Shares. The Recipient may elect to satisfy any such tax obligation in cash or by authorizing the Company
to withhold from the Shares which have fully vested, the number of whole shares of Common Stock required to satisfy such tax obligation,
the number to be determined by the fair market value of the Shares on the vesting Date for such Shares. If Recipient elects to
withhold shares of Common Stock to satisfy any such tax obligation, Recipient shall be paid in cash any amount which remains after
the application of whole shares by reason of the tax being less than the value of a whole share surrendered. If the Company is
unable to withhold such federal and state taxes, for whatever reason, the Recipient hereby agrees to pay to the Company an amount
equal to the amount the Company would otherwise be required to withhold under federal or state law prior to the transfer of any
certificates for the Shares.

7.
Anti-Dilution Protections. The Company hereby confirms that (i) in the event the outstanding shares of Common Stock
of the Company shall be changed into an increased number of shares, through a stock dividend or a split-up of shares, or into
a decreased number of shares, through a combination of or recapitalization of shares, then immediately after the record date for
such change, the number of Shares then subject to this Agreement shall be proportionately increased, in case of such stock dividend
or split-up of shares, or proportionately decreased, in case of such combination of shares; and (ii) in the event that, as result
of a reorganization, sale, merger, consolidation or similar occurrence, there shall be any other change in the shares of Common
Stock of the Company, or of any stock or other securities into which such Common Stock shall have been changed, or for which it
shall have been exchanged, then equitable adjustments to the Shares then subject to this Agreement (including, but not limited
to, changes in the number or kind of shares then subject to this Agreement) shall be made.

8.
Company Power of Attorney. The Recipient understands that the Company will, and Recipient hereby authorizes the Company
to, issue such instructions to its transfer agent as the Company may deem necessary or proper to comply with the intent and purposes
of this Agreement. This paragraph shall be deemed to constitute a stock power exercisable by the Company in its discretion in
furtherance of the purposes of this Agreement.

9.General
Provisions.

(a)
Employment; Rights as Shareholder. This Agreement shall not confer on Recipient any right with respect to continuance of
employment by the Company, nor will it interfere in any way with the right of the Company to terminate such employment.

(b)
Securities Law Compliance. Recipient acknowledges and agrees that all Shares shall be held, until such time that such Shares
are freely tradable under applicable state and federal securities laws, for Recipient’s own account without a view to any
further distribution thereof, that the certificates for such shares shall bear an appropriate legend to that effect and that such
Shares will be not transferred or disposed of except in compliance with applicable state and federal securities laws.

(c)
Acknowledgements by Recipient. Recipient acknowledges that the Company has urged Recipient to consult with Recipient’s
own tax or other advisors prior to entering into this Agreement, and Recipient has had an adequate opportunity to do so. Recipient
further acknowledges that, in determining whether to accept the grant of the Shares pursuant to

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this
Agreement, Recipient has relied exclusively on the advice of his or her own tax and other advisors relating to the federal, state,
and local tax consequences to Recipient of accepting the Shares pursuant to this Agreement. If the Recipient elects to include
the value of the Shares in income in the year of the grant pursuant to Section 83(b) of the Internal Revenue Code of 1986 as amended,
the employee shall provide a copy of such election to the Company at the same time it is filed with the Internal Revenue Service.

(d)
Withholding Taxes. In order to provide the Company with the opportunity to claim the benefit of any income tax deduction
which may be available to it as from the grant of the Shares to Recipient under this Agreement and to permit the Company to comply
with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate
to ensure that, if necessary, all applicable federal or state payroll, income or other taxes are withheld from any amounts payable
by the Company to Recipient.

(e)
Amendment; Waiver. This Agreement may not be modified, amended or waived in any manner except by an instrument in writing
signed by both parties hereto. The waiver by either party of compliance with any provision of this Agreement by the other party
shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party
of a provision of this Agreement.

(f)
Supersedes Previous Agreements. This Agreement supersedes all prior or contemporaneous negotiations, commitments, agreements
(written or oral) and writings between the Company and Recipient with respect to the subject matter hereof. All such other negotiations,
commitments, agreements and writings will have no further force or effect, and the parties to any such other negotiation, commitment,
agreement or writing will have no further rights or obligations thereunder. The Company and the Participant agree that the Shares
are granted under and governed by the terms and conditions of the Plan, which is attached to and made a part of this Agreement.

(g)
Governing Law. All matters affecting this Agreement, including the validity thereof, are to be governed by, interpreted
and construed in accordance with the laws of the State of Florida, without reference to principles of choice or conflict of law
thereunder.

(h)
Notices. Any notice hereunder by either party to the other shall be given in writing by personal delivery, by telecopy
(with confirmation of transmission) or by certified mail, return receipt requested. If addressed to Recipient, the notice shall
be delivered or mailed to Recipient at the address specified under Recipient’s signature hereto, or if addressed to the
Company, the notice shall be delivered or mailed to the Company at its executive offices to the attention of its Chief Executive
Officer. A notice shall be deemed given, if by personal delivery or by telecopy, on the date of such delivery or, if by certified
mail, on the date shown on the applicable return receipt.

(i)
Headings. The headings of Sections and paragraphs herein are included solely for convenience of reference and shall not
control the meaning or interpretation of any of the provisions of this Agreement.

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(j)
Binding Agreement. This Agreement shall be binding upon and inure to the benefit of the parties hereto and the successors
and assigns of the Company and the heirs and personal representatives of the Recipient.

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IN
WITNESS WHEREOF, the parties have signed this Agreement as the date first written above.

	 	THE COMPANY: 
	 	 	 
	 	Alico, Inc. 
	 	 	 
	 	By:	/s/ Ken Smith 
	 	Name: 	Ken Smith 
	 	Title:  	COO 
	 	 	 
	 	 	 
	 	RECIPIENT: 
	 	 	 
	 	/s/ JD Alexander
	 	Name:  	JD Alexander 
	 	Title: 	Chief Executive Officer and President 
	 	 	 
	 	 
	 	 
	 	Notice Address 

    	7

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