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                                                                   EXHIBIT 10.23

Nikita Zdanow
Capital Finance

    AGREEMENT by and among Tyco Acquisition Corp. XIX (NV), a Nevada corporation
("Acquiror"), The CIT Group, a Delaware corporation (the "Company") and Nikita
Zdanow (the "Executive") dated as of the 1st day of May, 2001.

    Acquiror has determined that because of the unique nature of the Executive's
services to the Company it is in the best interests of Acquiror and its parent
company, Tyco International Ltd., a Bermuda company ("Parent") and Parent's
shareholders to assure that the Company will have the continued dedication of
the Executive and Executive's critical assistance pending the completion of the
acquisition by Acquiror of the Company (the "Acquisition") pursuant to the
Agreement and Plan of Merger dated as of March 12, 2001, and to provide the
Company with the continuity of management Acquiror considers crucial to ensuring
the Company's continued success. Therefore, in order to accomplish these
objectives, the Boards of Directors of Acquiror and the Company (the "Board")
have caused the Company to enter into this Agreement.

    NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

    1.  EFFECTIVE DATE.  The "Effective Date" shall mean the effective date of
the Acquisition.

    2.  RETENTION PERIOD.  The Company hereby agrees to employ the Executive,
and the Executive hereby agrees to be employed by the Company subject to the
terms and conditions of this Agreement, for the period commencing on the
Effective Date and ending on the third anniversary thereof (the "Retention
Period"). This Employment Agreement and the Retention Period may be extended for
one (1) or more additional periods by written agreement signed by the parties
hereto at any time prior to the end of the Retention Period term in effect.

    3.  TERMS OF EMPLOYMENT.  (a) POSITION AND DUTIES. (i) During the Retention
Period (A) the Executive shall serve as Group CEO--Capital Finance of the
Company with such authority, duties and responsibilities as are commensurate
with such position and as may be consistent with such position, reporting to the
Chief Executive Officer of the Company or such other officer as designated by
the Chief Executive Officer of the Company, and (B) the Executive's services
shall be performed at the location such services were performed immediately
prior to the Effective Date.

    (ii)  During the Retention Period, and excluding any periods of vacation and
sick leave to which the Executive is entitled, the Executive agrees to devote
substantially all of his attention and time during normal business hours to the
business and affairs of the Company and, to the extent necessary to discharge
the responsibilities assigned to the Executive hereunder, to use the Executive's
reasonable best efforts to perform faithfully and efficiently such
responsibilities. During the Retention Period, it shall not be a violation of
this Agreement for the Executive to serve on civic or charitable boards or
committees, or manage personal investments, so long as such activities do not
significantly interfere with the performance of the Executive's responsibilities
as an employee of the Company in accordance with this Agreement. It is expressly
understood and agreed that to the extent that any such activities have been
conducted by the Executive prior to the Effective Date, the continued conduct of
such activities (or the conduct of activities similar in nature and scope
thereto) subsequent to the Effective Date shall not thereafter be deemed to
interfere with the performance of the Executive's responsibilities to the
Company.

    (b)  COMPENSATION.  (i) BASE SALARY. During the Retention Period, the
Executive shall receive an annual base salary ("Annual Base Salary") of no less
than the rate of the Executive's base salary on the date immediately prior to
the Effective Date. During the Retention Period, the Annual Base Salary shall be
reviewed at the time that the salaries of all of the executive officers of the
Company are reviewed. Any increase in Annual Base Salary shall not serve to
limit or reduce any other obligation to the Executive under this Agreement.
Annual Base Salary shall not be reduced after any such increase and the term
Annual Base Salary as utilized in this Agreement shall refer to Annual Base
Salary as so increased.
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    (ii)  ANNUAL BONUS.  With respect to the 2001 fiscal year, the Executive
shall be entitled to a bonus based upon and pursuant to the Company's incentive
plans and programs, as determined by the Chief Executive Officer of the Company
based on achievement of the Company's financial plan. For each completed fiscal
year of the Company after 2001, the Executive shall be entitled to a bonus
opportunity, as determined by the Chief Executive Officer of the Company with
the approval of the Chief Executive Officer of Parent (the "Annual Bonus").

    (iii)  INCENTIVE AWARDS.  On the Effective Date, Parent shall grant to the
Executive such number of restricted shares of Parent's common stock (the
"Restricted Stock"), pursuant to the terms of Parent's stock incentive plan,
with a value, determined based upon the average of the closing prices of the
Parent's common stock for each trading day from March 12, 2001 through the
Effective Date, equal to the product of (x) two (2), and (y) the Annual Base
Salary, plus the Executive's average annual bonus received from the Company
(based on the immediately preceding two calendar years, or such lesser number of
years if applicable) (the "Average Annual Bonus"). Except as otherwise provided
herein, all restrictions on the shares of Restricted Stock shall lapse, and the
shares shall be vested, with respect to one third ( 1/3) of such number of
shares on the first anniversary of the date of grant, one third ( 1/3) of such
number of shares on the second anniversary of the date of grant, and one third
( 1/3) of such number of shares on the third anniversary of the date of grant.
In addition, on the Effective Date, Parent shall grant to the Executive 125,000
options to purchase Parent common stock (the "Option"), pursuant to the terms of
Parent's stock incentive plan. The Option will have an exercise price equal to
the fair market value of the stock subject thereto on the date of grant
determined in accordance with the terms of and standard practice under Parent's
stock incentive plan and shall vest and become exercisable on the third
anniversary of the date of grant. As soon as practicable following the Effective
Date, Parent and the Executive shall enter into a written stock option and
restricted stock agreement under the terms of Parent's stock incentive plan
containing the terms and provisions not inconsistent with those set forth
herein. Without limiting the generality of Section 3(b)(iv) hereof, the
Executive shall also be eligible for additional equity and non-equity awards
under Parent's stock incentive and other long-term incentive compensation plans
during the Retention Period, as determined by the Board of Directors of Parent
or its delegate in the Board's or such delegate's sole discretion.

    (iv)  OTHER BENEFITS.  During the Retention Period, the Executive shall be
entitled to participate in all employee pension, welfare, perquisites, fringe
benefit, and other benefit plans, practices, policies and programs generally
applicable to senior executives of the Company in substantially comparable
positions as the Executive. In addition, the Executive shall be entitled to
continued participation in any supplemental and/or excess retirement plans
available to similarly situated senior executives of the Company, and in the
Company's Executive Retirement Plan, and retiree medical and life insurance
plans in which the Executive was participating on the date of this Agreement
during the Retention Period, at economic levels at least equal to the levels of
Executive's participation in such plans or programs as of the date immediately
prior to the Effective Date provided that Acquiror may substitute coverage on a
basis no less favorable under another plan covering employees and former
employees of Parent or its subsidiaries in the event the medical and/or life
insurance plan of the Company is terminated.

    (v)  EXPENSES.  During the Retention Period, the Executive shall be entitled
to receive prompt reimbursement for all expenses incurred by the Executive in
accordance with the Company's expense reimbursement policies.

    (vi)  VACATION.  During the Retention Period, the Executive shall be
entitled to paid vacation in accordance with the plans, policies, programs and
practices of the Company as in effect with respect to the senior executives of
the Company.

    4.  TERMINATION OF EMPLOYMENT.  (a) DEATH OR DISABILITY. The Executive's
employment shall terminate automatically upon the Executive's death during the
Retention Period. If the Company determines in good faith that the Disability of
the Executive has occurred during the Retention Period

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(pursuant to the definition of Disability set forth below), it may give to the
Executive written notice in accordance with Section 11(a) of this Agreement of
its intention to terminate the Executive's employment. In such event, the
Executive's employment with the Company shall terminate effective on the 30th
day after receipt of such notice by the Executive (the "Disability Effective
Date"), provided that, within the 30 days after such receipt, the Executive
shall not have returned to full-time performance of the Executive's duties. For
purposes of this Agreement, "Disability" shall mean the absence of the Executive
from the Executive's duties with the Company on a full-time basis for 180
consecutive business days as a result of incapacity due to mental or physical
illness which is determined to be total and permanent by a physician selected by
the Company or its insurers and acceptable to the Executive or the Executive's
legal representative.

    (b)  CAUSE.  The Company may terminate the Executive's employment during the
Retention Period for Cause. For purposes of this Agreement, "Cause" shall mean:

           (i)  the willful and continued failure of the Executive to perform
       substantially the Executive's duties with the Company or one of its
       affiliates (other than any such failure resulting from incapacity due to
       physical or mental illness), after a written demand for substantial
       performance is delivered to the Executive by the Chief Executive Officer
       of the Company or Parent which specifically identifies the manner in
       which the Chief Executive Officer believes that the Executive has not
       substantially performed the Executive's duties, or

           (ii)  the willful engaging by the Executive in illegal conduct or
       gross misconduct which is materially and demonstrably injurious to the
       Company or its affiliates, or

           (iii)  conviction of a felony or guilty or nolo contendere plea by
       the Executive with respect thereto; or

           (iv)  a material breach of Section 9 of this Agreement.

For purposes of this provision, no act or failure to act on the part of the
Executive shall be considered "willful" unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the
Executive's action or omission was in the best interests of the Company. Any
act, or failure to act, based upon express authority given pursuant to a
resolution duly adopted by the Board of Directors of the Company or of Parent
with respect to such act or omission or upon the instructions of the Chief
Executive Officer of the Company or based upon the advice of counsel for the
Company shall be conclusively presumed to be done, or omitted to be done, by the
Executive in good faith and in the best interests of the Company.

    (c)  GOOD REASON.  The Executive's employment may be terminated by the
Executive for Good Reason. For purposes of this Agreement, "Good Reason" shall
mean in the absence of a written consent of the Executive:

           (i)  the assignment to the Executive of any duties materially
       inconsistent with the Executive's position (including status, offices,
       titles and reporting requirements), authority, duties or responsibilities
       as contemplated by Section 3(a) of this Agreement, or any other action by
       the Company which results in a material diminution in such position,
       authority, duties or responsibilities, excluding for this purpose an
       action not taken in bad faith and which is remedied by the Company
       promptly after receipt of notice thereof given by the Executive;

           (ii)  any material failure by the Company to comply with any of the
       provisions of Section 3(b) of this Agreement, other than failure not
       occurring in bad faith and which is remedied by the Company promptly
       after receipt of notice thereof given by the Executive;

           (iii)  the Company's requiring the Executive to be based at any
       office or location more than 50 miles from that provided in
       Section 3(a)(i)(B) hereof;

           (iv)  any purported termination by the Company of the Executive's
       employment otherwise than as expressly permitted by this Agreement; or

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           (v)  the failure of Acquiror and the Company to offer to renew this
       Agreement on the terms and conditions (including payment of Annual Base
       Salary and participation in incentive plan and benefit programs) at least
       as favorable as in the final year of the Executive's last Employment
       Agreement, unless, at the time of a failure to renew this Employment
       Agreement, the Executive has reached the age of 65 and can be lawfully
       required to retire; or

           (vi)  any failure by the Company or Acquiror to comply with and
       satisfy Section 10(b) of this Agreement.

    (d)  NOTICE OF TERMINATION.  Any termination by the Company for Cause, or by
the Executive for Good Reason, shall be communicated by Notice of Termination to
the other party hereto given in accordance with Section 11(a) of this Agreement.
For purposes of this Agreement, a "Notice of Termination" means a written notice
which (i) indicates the specific termination provision in this Agreement relied
upon, (ii) to the extent applicable, sets forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination of the Executive's
employment under the provision so indicated and (iii) if the Date of Termination
(as defined below) is other than the date of receipt of such notice, specifies
the termination date (which date shall be not more than thirty days after the
giving of such notice). The failure by the Executive or the Company to set forth
in the Notice of Termination any fact or circumstance which contributes to a
showing of Good Reason or Cause shall not waive any right of the Executive or
the Company, respectively, hereunder or preclude the Executive or the Company,
respectively, from asserting such fact or circumstance in enforcing the
Executive's or the Company's rights hereunder.

    (e)  DATE OF TERMINATION.  "Date of Termination" means (i) if the
Executive's employment is terminated by the Company for Cause, or by the
Executive for Good Reason, the date of receipt of the Notice of Termination or
any later date specified therein within 30 days of such notice, as the case may
be, (ii) if the Executive's employment is terminated by the Company other than
for Cause or Disability, the Date of Termination shall be the date on which the
Company notifies the Executive of such termination and (iii) if the Executive's
employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Executive or the Disability
Effective Date, as the case may be.

    5.  OBLIGATIONS OF THE COMPANY UPON TERMINATION.  (a) GOOD REASON; OTHER
THAN FOR CAUSE. If, during the Retention Period, the Company shall terminate the
Executive's employment other than for Cause or the Executive shall terminate
employment for Good Reason:

           (i)  the Company shall pay to the Executive in cash the aggregate of
       the following amounts:

               A. in a lump sum within 10 days after the Date of Termination,
           the sum of (1) the Executive's Annual Base Salary through the Date of
           Termination to the extent not theretofore paid, and (2) the product
           of (x) the Average Annual Bonus and (y) a fraction, the numerator of
           which is the number of days in the fiscal year in which the Date of
           Termination occurs through the Date of Termination, and the
           denominator of which is 365, in each case to the extent not
           theretofore paid (the sum of the amounts described in clauses
           (1) and (2), shall be hereinafter referred to as the "Accrued
           Obligations"); and

               B. the sum of (1) the greater of (x) the Annual Base Salary
           payable for the remainder of the Retention Period after the Date of
           Termination, or (y) the product of two (2) times the Annual Base
           Salary, and (2) the product of two (2) times the Executive's Average
           Annual Bonus, which amount shall be payable in accordance with
           Executive's normal payroll periods immediately prior to the Date of
           Termination in equal installments for a period of two years, subject
           to compliance with Section 9 of this Agreement; and

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           (ii)  the Options and the Restricted Stock granted to the Executive
       shall vest at the earlier of the vesting dates specified in the
       applicable award agreements or, subject to compliance with Section 9, the
       second anniversary of the Date of Termination, and, in the case of stock
       options shall remain exercisable for at least three (3) months after they
       vest, subject to compliance with Section 9; and

           (iii)  subject to compliance with Section 9, continued benefit
       coverage which permits the Executive to continue to receive, for two
       (2) years from the Date of Termination, at the Company's expense, life
       insurance and medical, dental and disability benefits at least comparable
       to those provided by the Company on the Date of Termination provided that
       such benefits shall cease if the Executive obtains other employment with
       comparable benefits.

           (iv)  to the extent not theretofore paid or provided, the Company
       shall timely pay or provide to the Executive any other amounts or
       benefits required to be paid or provided or which the Executive is
       eligible to receive under any plan, program, policy or practice or
       contract or agreement of the Company and its affiliates (the "Other
       Benefits") in accordance with the terms and normal procedures of each
       such plan, program, policy or practice; and

           (v)  to the extent permitted by applicable law, the Executive shall
       be credited with two additional years of age and service credit under all
       relevant Company retirement plans (including qualified, supplemental and
       excess plans, including without limitation the Company's Executive
       Retirement Plan and New Executive Retirement Plan, and, for the purpose
       of clarity, to the extent the Executive is a participant in the cash
       balance arrangement under the Company's Retirement Plan, the cash balance
       account will be increased as if the Executive had received two additional
       years of contributions based upon the Executive's compensation as of the
       Date of Termination) (the "Retirement Benefit"); and

           (vi)  the Company shall provide the Executive with outplacement
       services, not to exceed a reasonable cost, until the Executive accepts
       new employment.

    (b)  CAUSE; OTHER THAN FOR GOOD REASON.  If the Executive's employment shall
be terminated for Cause or the Executive terminates his employment without Good
Reason during the Retention Period, this Agreement shall terminate without
further obligations to the Executive other than the obligation to pay or provide
to the Executive an amount equal to the amount described in clause (1) of
Section 5(a)(i)(A), and the timely payment or provision of the Other Benefits,
in each case to the extent theretofore unpaid. In the event the Executive's
employment terminates after the expiration of the Retention Period, the Company
shall provide the Executive with the Other Benefits.

    (c)  DEATH.  If the Executive's employment is terminated by reason of the
Executive's death during the Retention Period, this Agreement shall terminate
without further obligations to the Executive's legal representatives under this
Agreement, other than for (i) payment of a lump sum cash amount equal to the
Executive's Annual Base Salary as in effect at the time of the Executive's
death, (ii) payment of Accrued Obligations, and (iii) the timely payment or
provision of the Other Benefits. In addition, the Restricted Stock and Options
shall vest immediately. The payments provided for in subsections (i) and
(ii) of this Section 5(c) shall be paid to the Executive's estate or
beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of
Termination.

    (d)  DISABILITY; RETIREMENT.  If the Executive's employment is terminated by
reason of the Executive's Disability or his retirement under the terms of the
applicable Company retirement plan during the Retention Period, this Agreement
shall terminate without further obligations to the Executive, other than for
payment of Accrued Obligations, the Retirement Benefit, and the timely payment
or provision of Other Benefits. In addition, in the case of Disability but not
retirement, the Restricted Stock and Options shall vest immediately, the
Executive shall continue to accrue age and service credit through retirement for
purposes of the Company's qualified and nonqualified retirement plans and shall
be paid a lump sum cash payment equal to the Executive's Annual Base Salary.

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Accrued Obligations shall be paid to the Executive in a lump sum in cash within
30 days of the Date of Termination.

    6.  NON-EXCLUSIVITY OF RIGHTS.  Except as specifically provided, nothing in
this Agreement shall prevent or limit the Executive's continuing or future
participation in any plan, program, policy or practice provided by the Company
or any of its affiliates and for which the Executive may qualify, nor, subject
to Section 11(e), shall anything herein limit or otherwise affect such rights as
the Executive may have under any contract or agreement with the Company or its
affiliates. Amounts which are vested benefits or which the Executive is
otherwise entitled to receive under any plan, policy, practice or program of or
any contract or agreement with the Company or its affiliates at or subsequent to
the Date of Termination shall be payable in accordance with such plan, policy,
practice or program or contract or agreement except as explicitly modified by
this Agreement. As used in this Agreement, the terms "affiliated companies" and
"affiliates" shall include any company controlled by, controlling or under
common control with the Company.

    7.  FULL SETTLEMENT.  The Company's obligation to make the payments provided
for in this Agreement and otherwise to perform its obligations hereunder shall
not be affected by any set-off, counterclaim, recoupment, defense or other
claim, right or action which the Company may have against the Executive or
others. In no event shall the Executive be obligated to seek other employment or
take any other action by way of mitigation of the amounts payable to the
Executive under any of the provisions of this Agreement and, such amounts shall
not be reduced whether or not the Executive obtains other employment. The
Company agrees to pay, to the full extent permitted by law, all legal fees and
expenses which the Executive may reasonably incur as a result of any contest
(regardless of the outcome thereof) by the Company, the Executive or others of
the validity or enforceability of, or liability under, any provision of this
Agreement or any guarantee of performance thereof (including as a result of any
contest by the Executive about the amount of any payment pursuant to this
Agreement), plus in each case interest on any delayed payment at the applicable
Federal rate provided for in Section 7872(f)(2)(A) of the Internal Revenue Code
of 1986, as amended (the "Code"), if the Executive prevails on any material
claim made by the Executive and disputed by the Company or Acquiror under this
Agreement.

    8.  CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY.  If at any time for any
reason any payment or distribution (a "Payment") by the Company or any other
person or entity to or for the benefit of the Executive is determined to be a
"parachute payment" (within the meaning of Section 280G (b) (2) of the Code),
whether paid or copayable or distributed or distributable pursuant to the terms
of this Agreement or otherwise in connection with or arising out of his
employment with the Company or a change in ownership or excise tax imposed by
Section 4999 of the Code (the "Excise Tax"), within a reasonable period of time
after such determination is reached the Company shall pay to the executive an
additional payment (the Gross-Up Payment") in an amount such that the net amount
retained by the Executive, after deduction of any Excise Tax on such Payment and
any federal, state or local income or employment tax or other taxes and Excise
Tax on the Gross-Up Payment, shall equal the amount of such Payment (including
any interest or penalties with respect to any of the foregoing). All
determinations concerning the application of the foregoing shall be made by a
nationally recognized firm of independent accountants (together with legal
counsel of its choosing), selected by the Company after consultation with the
Executive (which may be the Company's independent auditors), whose determination
shall be conclusive and binding on all parties. The fees and expenses of such
accountants and counsel shall be borne by the Company. If the Accounting Firm
determines that no Excise Tax is payable by the Executive, it shall furnish the
Executive with an opinion that the Executive has substantial authority not to
report any Excise Tax on his Federal income tax return. In the event the
Internal Revenue Service assesses the Executive an amount of Excise Tax in
excess of that determined in accordance with the foregoing, the Company shall
pay to the Executive an additional Gross-Up Payment, calculated as described
above in respect of such excess Excise Tax, including a Gross-Up

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Payment in respect of any interest or penalties imposed by the Internal Revenue
Service with respect to such excess Excise Tax.

    9.  CONFIDENTIALITY AND COMPETITIVE ACTIVITY.  (a)  The Executive
acknowledges that he has acquired and will continue to acquire during the
Retention Period confidential information regarding the business of the Company
and its respective affiliates. Accordingly, the Executive agrees that, without
the written consent of the Board, he will not, at any time, disclose to any
unauthorized person or otherwise use any such confidential information. For this
purpose, confidential information means nonpublic information concerning the
financial data, business strategies, product development (and proprietary
product data), customer lists, marketing plans, and other proprietary
information concerning the Company and its respective affiliates, except for
specific items which have become publicly available other than as a result of
the Executive's breach of this agreement.

    (b)  During the time that the Executive is employed by the Company under
this Agreement and then for one year after the date of termination of the
employment of the Executive for any reason (except two years in the case of a
termination by the Company without Cause or by the Executive for Good Reason),
the Executive will not, without the written consent of the Board, directly or
indirectly, (A) knowingly engage or be interested in (as owner, partner,
stockholder, employee, director, officer, agent, consultant or otherwise), with
or without compensation, any business anywhere in the world which is in
competition with any line of business actively being conducted on the Date of
Termination by the Company, (B) whether or not the Executive's termination of
employment occurred without Cause or for Good Reason, hire any person who was
employed by the Company or any of its subsidiaries or affiliates (other than
persons employed in a clerical or other non-professional position) within the
six-month period preceding the date of such hiring, or solicit, entice, persuade
or induce any person or entity doing business with the Company and its
respective affiliates, to terminate such relationship or to refrain from
extending or renewing the same, and (C) disparage or publicly criticize Parent,
Acquiror, the Company or any of their affiliates. Nothing herein, however, will
prohibit the Executive from acquiring or holding not more than one percent of
any class of publicly traded securities of any such business; provided that such
securities entitle the Executive to not more than one percent of the total
outstanding votes entitled to be cast by securityholders of such business in
matters on which such securityholders are entitled to vote.

    (c)  The Executive hereby acknowledges that the provisions of this
Section 9 are reasonable and necessary for the protection of the Company and its
respective affiliates. In addition, he further acknowledges that the Company and
its respective affiliates will be irrevocably damaged if such covenants are not
specifically enforced. Accordingly, the Executive agrees that, in addition to
any other relief to which the Company may be entitled, the Company will be
entitled to seek and obtain injunctive relief (without the requirement of any
bond) from a court of competent jurisdiction for the purposes of restraining him
from an actual or threatened breach of such covenants. In addition, and without
limiting the Company's other remedies, in the event of any breach by the
Executive of such covenants, the Company will have no obligation to pay any of
the amounts that continue to remain payable to the Executive after the date of
such breach under Section 5 hereof.

    10.  SUCCESSORS.  (a) This Agreement is personal to the Executive and
without the prior written consent of the Company shall not be assignable by the
Executive otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Executive's
legal representatives. This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns.

    (b)  Acquiror and the Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of Acquiror or the Company to
assume expressly and agree to perform this Agreement in the same manner and to
the same extent that Acquiror and the Company would be required to perform it if
no such succession had taken place. As used in this Agreement, "Acquiror" and
"Company" shall mean

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Acquiror and the Company as hereinbefore defined and any successor to their
respective business and/or assets as aforesaid which assumes and agrees to
perform this Agreement by operation of law, or otherwise.

    11.  MISCELLANEOUS.  (a) This Agreement shall be governed by and construed
in accordance with the laws of the State of New York, without reference to
principles of conflict of laws. The parties hereto irrevocably agree to submit
to the jurisdiction and venue of the courts of the State of New York, in the
City of New York, in any action or proceeding brought with respect to or in
connection with this Agreement. The captions of this Agreement are not part of
the provisions hereof and shall have no force or effect. This Agreement may not
be amended or modified otherwise than by a written agreement executed by the
parties hereto or their respective successors and legal representatives. All
notices and other communications hereunder shall be in writing and shall be
given by hand delivery to the other party or by registered or certified mail,
return receipt requested, postage prepaid, addressed as follows:

    IF TO THE EXECUTIVE:

    At the most recent address on file for the Executive at the Company;

    IF TO ACQUIROR:

    1 Tyco Park

    Exeter, New Hampshire 03833

    Attention: General Counsel

    IF TO THE COMPANY:

    650 CIT Drive

    Livingston, New Jersey 07039

    Attention: General Counsel

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

    (b)  The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this
Agreement.

    (c)  The Company may withhold from any amounts payable under this Agreement
such Federal, state, or local taxes as shall be required to be withheld pursuant
to any applicable law or regulation.

    (d)  The Executive's or the Company's failure to insist upon strict
compliance with any provision of this Agreement or the failure to assert any
right the Executive or the Company may have hereunder, including, without
limitation, the right of the Executive to terminate employment for Good Reason
pursuant to Section 4 of this Agreement, shall not be deemed to be a waiver of
such provision or right or any other provision or right of this Agreement.

    (e)  From and after the Effective Date this Agreement shall supersede any
other employment, severance or change of control agreement between the parties
(including, for this purpose, between the Executive and the Company) or
severance or change of control plan, program or policy of the Company covering
the Executive with respect to the subject matter hereof, including, without
limitation, the Employment Agreement between the Executive and the Company dated
as of September 13, 2000 (the "Prior Agreement"), except as expressly provided
herein. The Executive acknowledges and agrees that the benefits provided to him
pursuant to this Agreement are made to the Executive in lieu of and in
substitution for his receipt of any cash "change of control" bonus or other
"special" cash payment pursuant to the Prior Agreement or any severance or
change of control plan, program or policy of the Company.

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    IN WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and,
pursuant to the authorization from their respective Boards of Directors,
Acquiror and the Company have caused these presents to be executed in its name
on its behalf, all as of the day and year first above written.

<Table>
<S>                                                    <C>  <C>
                                                                      /s/ NIKITA ZDANOW
                                                        ---------------------------------------------
                                                                        Nikita Zdanow

                                                       TYCO ACQUISITION CORP. XIX (NV)

                                                       By              /s/ PATRICIA A. PRUE
                                                            -----------------------------------------

                                                       THE CIT GROUP, INC.

                                                       By           /s/ ALBERT R. GAMPER, JR.
                                                            -----------------------------------------
                                                                      Albert R. Gamper, Jr.
</Table>

                                       9<Page>
                                                                   EXHIBIT 10.24

                          CIT EXECUTIVE SEVERANCE PLAN
                  AS AMENDED AND RESTATED AS OF APRIL 1, 2002

    Section 1. Establishment, Objectives, and Duration

        1.1. Establishment of the Plan. CIT Group Inc., a Nevada corporation,
    formerly known as Tyco Capital Corporation ("CIT"), hereby establishes an
    executive severance plan to be known as the "CIT Executive Severance Plan"
    as set forth in this document. The Plan became effective on January 1, 1999
    (the "Effective Date") and, as amended and restated herein, shall remain in
    effect as provided in Section 1.3 hereof.

        1.2. Objective of the Plan. The objective of the Plan is to enhance the
    long-term financial security of selected executives of the Company through
    the provision of severance benefits, including enhanced benefits following a
    Change of Control. The Plan is further intended to provide flexibility to
    the Company in its ability to motivate, attract, and retain the services of
    Participants who make significant contributions to the Company's success.

        1.3. Duration of the Plan. The Plan commenced on the Effective Date, as
    described in Section 1.1 hereof, and shall remain in effect, subject to the
    right of the Committee to amend or terminate the Plan pursuant to Section 7
    hereof.

    Section 2. Definitions. Except where the context otherwise indicates, any
masculine term used herein shall include the feminine, the plural shall include
the singular, and the singular shall include the plural. Whenever used in the
Plan, the following terms shall have the meanings set forth below, and when the
meaning is intended, the initial letter of the word shall be capitalized:

        2.1. "Average Annual Bonus" means the average of the two largest bonuses
    received by a Participant with respect to the three Bonus Cycles immediately
    preceding the Participant's termination of employment, provided that such
    average amount shall not exceed the Participant's Base Compensation. The
    Committee, in its sole discretion, may adjust the amount of a bonus used in
    calculating such average amount to reflect that such bonus was paid with
    respect to a Bonus Cycle of more or less than 12 months.

        2.2. "Base Compensation" means a Participant's annual base salary or
    wages from the Company at the rate in effect immediately before the
    Participant's termination of employment (or, if applicable under
    Section 2.22(b)(ii), immediately before such rate was reduced), including
    any compensation reduction contributions made with respect to the
    Participant under the Company's Code Section 401(k) and Code Section 125
    plans, and excluding all bonuses, incentive compensation, expense
    reimbursements and severance pay.

        2.3. "Beneficially Owned", "Beneficially Owns", "Beneficial Owner" or
    "Beneficial Ownership" shall have the respective meanings ascribed thereto
    or used in Section 13d-3 under the Exchange Act.

        2.4. "Board" means the board of directors of CIT.

        2.5. "Bonus Cycle" means the period of time with respect to which a
    bonus is payable, except that it shall not include any such period of less
    than six months.

        2.6. "Business Entity" means any corporation, partnership, limited
    liability company, joint venture, association, joint stock company, trust,
    unincorporated organization or other business entity.

        2.7. "Cause" means a determination by the Committee that a Participant
    has:

           (a) unreasonably neglected or refused to perform any executive duty
       that has been assigned to such Participant;
<Page>
           (b) been convicted of, or pleaded guilty or nolo contendere to, any
       crime that constitutes a felony under federal or applicable state or
       local law;

           (c) knowingly engaged in any activity that is directly or indirectly
       in competition with the Company; or

           (d) willfully violated any Company policy that covers standards of
       corporate conduct.

        2.8. "Change of Control" means:

           (a) The acquisition by any Person (in any case, the "ACQUIROR") of
       direct or indirect Beneficial Ownership of Voting Securities of any CIT
       Entity, as a result of which such Acquiror becomes, directly or
       indirectly, the Beneficial Owner of Voting Securities representing 30% or
       more of the combined voting power of all Voting Securities of such CIT
       Entity outstanding immediately thereafter, PROVIDED that none of the
       following shall constitute a Change of Control: (1) any such acquisition
       in any Non-Control Transaction; or (2) any such acquisition by such CIT
       Entity, any Subsidiary of such CIT Entity, or any employee benefit plan
       (or related trust) maintained by such CIT Entity or any Subsidiary
       thereof; or (3) any such acquisition by Tyco, if immediately prior
       thereto, each CIT Entity (other than Tyco) is Controlled by Tyco; or
       (4) any such acquisition directly from such CIT Entity (other than Tyco)
       if, immediately prior thereto, such CIT Entity is not Controlled by any
       Person (excluding, however, any such acquisition directly from such CIT
       Entity resulting from the exercise of any conversion, exchange or
       exercise privilege unless the security being so converted, exchanged or
       exercised was acquired directly from such CIT Entity at a time when such
       CIT Entity was not Controlled by any Person); PROVIDED FURTHER that if
       any Acquiror becomes, directly or indirectly, the Beneficial Owner of
       Voting Securities representing 30% or more of the combined voting power
       of the then outstanding Voting Securities of such CIT Entity by reason of
       any acquisition of outstanding Voting Securities by such CIT Entity no
       Change of Control shall be deemed to have occurred by reason thereof
       unless and until such Acquiror shall thereafter become the Beneficial
       Owner of any additional Voting Securities of such CIT Entity under
       circumstances where, after giving effect thereto, the aforesaid
       percentage is met, and PROVIDED FURTHER that no such acquisition (unless
       Tyco is the CIT Entity whose Voting Securities are being acquired) shall
       give rise to a Change of Control for so long as, after giving effect
       thereto, Tyco remains the direct or indirect Beneficial Owner of Voting
       Securities representing more than 50% of the combined voting power of all
       Voting Securities of each CIT Entity (other than Tyco); or

           (b) Consummation of any of the following (each, a "BUSINESS
       TRANSACTION"): (i) any reorganization, merger, statutory share exchange
       or consolidation or similar corporate transaction involving any CIT
       Entity, (ii) any sale or other disposition of all or substantially all of
       the assets of any CIT Entity, or (iii) any acquisition of assets or stock
       of another Business Entity by any CIT Entity, unless, in any such case,
       such Business Transaction is a Non-Control Transaction; or

           (c) Consummation of a complete liquidation or dissolution of any CIT
       Entity; or

           (d) If (i) a Change of Control shall not have theretofore occurred
       and CIT is still Controlled by Tyco, or (ii) a Change of Control shall
       not have theretofore occurred and CIT is no longer Controlled by Tyco, or
       (iii) a Change of Control shall have theretofore occurred, individuals
       who in any such case constitute the then applicable Incumbent Board
       ceasing for any reason to constitute at least two-thirds of the board of
       directors of the Ultimate CIT Entity.

        2.9. "CIT Entity" means CIT (including its successors) and any Business
    Entity Controlling CIT.

                                       2
<Page>
        2.10. "Code" means the Internal Revenue Code of 1986, as amended from
    time to time.

        2.11. "Committee" means the Employee Benefits Committee of the Company.

        2.12. "Company" means the CIT Group Inc., a Nevada corporation, formerly
    known as Tyco Capital Corporation, and any successor thereto, and all
    Subsidiaries of CIT.

        2.13. "Company Executive Retirement Plan" means The Executive Retirement
    Plan of The CIT Group Holdings, Inc. and/or The New Executive Retirement
    Plan of The CIT Group Holdings, Inc., and any successors thereto.

        2.14. "Company Retirement Plan" means the CIT Group Inc. Retirement
    Plan, as amended and restated effective January 1, 2001, and any successor
    thereto.

        2.15. "Control" means, with the respect to any specified Business
    Entity, the possession, directly or indirectly, of the power to direct or
    cause the direction of the management or policies of such Business Entity,
    whether through the ownership of Voting Securities, by contract or agreement
    or otherwise; and the terms "Controlling", "Controlled by" and "under common
    Control with" have correlative meanings.

        2.16. "Director" means any individual who is a member of the Board.

        2.17. "Disability" means a physical or mental impairment sufficient to
    make an individual eligible for benefits under the Company's Long-Term
    Disability Plan or, in the event there is no Company Long-Term Disability
    Plan, "Disability" shall have the same meaning as defined in the Company
    Long-Term Disability Plan last in effect prior to the first date a
    Participant suffers from such physical or mental impairment.

        2.18. "Effective Date" shall have the meaning ascribed to such term in
    Section 1.1 hereof.

        2.19. "Eligible Termination" means the termination of a Participant's
    employment under circumstances described in Section 5.1(a).

        2.20. "Employee" means any individual who is an employee of the Company.

        2.21. "Exchange Act" means the Securities Exchange Act of 1934, as
    amended from time to time, or any successor thereto.

        2.22. "Good Reason" means that:

           (a) In all situations whether or not there has been a Change of
       Control:

               (i) a Participant has been assigned duties and responsibilities
           not commensurate with the Participant's status as a senior executive
           of the Company in any material respect; or

               (ii) the Company has failed to adhere in any substantial manner
           to any of its other obligations to a Participant under the terms of
           the Participant's employment with the Company.

        (b) Upon or following a Change of Control: In addition to the
    circumstances described in Section 2.22(a), in the event of a Change of
    Control, "Good Reason" shall include the following circumstances:

           (i) a Participant has been required by the Company or any successor
       thereto, without the Participant's consent, to relocate or perform a
       significant portion of his or her duties outside a fifty mile radius from
       his or her present principal place of employment; or

                                       3
<Page>
           (ii) a Participant's base salary has been reduced or the Participant
       has not been able to participate in the annual bonus plan at opportunity
       levels made available to similarly situated executives; or

          (iii) any successor to the Company has failed expressly to assume the
       obligations of the Company under the Plan.

        2.23. "Incumbent Board" means (i) if no Change of Control shall have
    theretofore occurred and CIT is still Controlled by Tyco, individuals who,
    as of the date hereof, constitute the board of directors of Tyco, or
    (ii) if no Change of Control shall have theretofore occurred and CIT is no
    longer Controlled by Tyco, individuals who, immediately after CIT ceases to
    be Controlled by Tyco, constitute the board of directors of the Ultimate CIT
    Entity, or (iii) if a Change of Control shall have theretofore occurred,
    individuals who, immediately after giving effect to director changes made in
    connection with such Change of Control, constitute the board of directors of
    the Ultimate CIT Entity, PROVIDED that, in any such case, any individual
    becoming a director subsequent to such time whose election, or nomination
    for election by, the stockholders of the Ultimate CIT Entity was approved by
    a vote of at least two-thirds of the directors then comprising the Incumbent
    Board shall be deemed to be a member of the Incumbent Board (but excluding,
    for this purpose, any such individual whose initial assumption of office
    occurs as a result of any actual or threatened election contest with respect
    to the election or removal of directors or other actual or threatened
    solicitation of proxies or consents by or on behalf of a Person other than
    the board of directors of the Ultimate CIT Entity (a "PROXY CONTEST"),
    including by reason of any agreement intended to avoid or settle any
    election contest or proxy contest).

        2.24. "Ineligible Termination" means the termination of a Participant's
    employment under circumstances described in Section 5.1(b).

        2.25. "Non-Control Transaction" means any Business Transaction
    involving, or engaged in by, any CIT Entity that satisfies all of the
    following criteria:

           (a) all or substantially all the Beneficial Owners of the outstanding
       Voting Securities of such CIT Entity, immediately prior to such Business
       Transaction, Beneficially Own directly or indirectly 65% or more of the
       combined voting power of the then outstanding Voting Securities of the
       Business Entity resulting from such Business Transaction (including
       without limitation a Business Entity which as a result of such Business
       Transaction owns such CIT Entity or all or substantially all its assets
       either directly or indirectly through one or more Subsidiaries) in
       substantially the same proportions as their ownership, immediately prior
       to such Business Transaction, of the Voting Securities of such CIT
       Entity;

           (b) at least two-thirds of the members of the board of directors (or
       equivalent persons) of the Ultimate CIT Entity after giving effect to
       such Business Transaction were members of the applicable Incumbent Board
       at the time of the execution of the initial agreement, or of the action
       of the board of directors of such CIT Entity or any other relevant CIT
       Entity, providing for such Business Transaction; and

           (c) no Person (other than: such CIT Entity; any Subsidiary thereof;
       any employee benefit plan (or related trust) maintained by such CIT
       Entity or any Subsidiary thereof; the Business Entity resulting from such
       Business Transaction; and any Person that Beneficially Owned, immediately
       prior to such Business Transaction, directly or indirectly, Voting
       Securities representing 15% or more of the combined voting power of the
       outstanding Voting Securities of such CIT Entity immediately prior to
       such Business Transaction) Beneficially Owns, directly or indirectly, 15%
       or more of the combined voting power of the then outstanding Voting
       Securities of the Business Entity resulting from such Business
       Transaction.

        2.26. "Participant" means an Employee selected by the Committee to
    participate in the Plan.

                                       4
<Page>
        2.27. "Person" shall have the meaning ascribed to such term in
    Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d)
    thereof, including a "group" as described in Section 13(d) thereof, and
    shall include any successor to such Person.

        2.28. "Plan" means this CIT Executive Severance Plan.

        2.29. "Plan Year" means the fiscal year of CIT.

        2.30. "Severance Benefits" means the benefits payable to a Participant
    under Section 5.2.

        2.31. "Shares" means the shares of common stock of the Company.

        2.32. "Subsidiary" means, with respect to any specified Business Entity
    as of any time, any other Business Entity at least a majority of the
    outstanding Voting Securities of which at such time are Beneficially Owned,
    directly or indirectly, by such specified Business Entity.

        2.33. "Tyco" means Tyco International Ltd., a Bermuda company, and its
    successors.

        2.34. "Ultimate CIT Entity" means (i) CIT, if CIT is not then Controlled
    by any Business Entity, or (ii) any Business Entity Controlling CIT that is
    not Controlled by any other Business Entity, if CIT is then Controlled by
    any Business Entity.

        2.35. "Voting Securities", as applied to the stock or the equivalent
    thereof of any corporation or other Business Entity, means stock or such
    equivalent of any class or classes, however designated, having ordinary
    voting power for the election of directors or equivalent persons of such
    corporation or other Business Entity, other than stock or the equivalent
    thereof having such power only by reason of the occurrence of a contingency.

    Section 3. Administration

        3.1. The Administrator. The Plan shall be administered by the Committee.

        3.2. Authority of the Administrator. Except as limited by law and
    subject to the provisions of the Plan, the Committee shall have full power
    and authority, in its sole discretion, to: (a) select Participants from
    among all eligible Employees; (b) determine a Participant's eligibility for
    Severance Benefits and the amount of such Severance Benefits; (c) construe
    and interpret the Plan; (d) adopt, implement, amend, waive or rescind such
    rules and regulations as the Committee may deem appropriate for the proper
    administration or operation of the Plan; (e) subject to the provisions of
    Section 7, amend the terms and conditions of the Plan; and (f) make all
    other determinations and take all other actions as may be necessary,
    appropriate or advisable for the administration or operation of the Plan. As
    permitted by law, the Committee may delegate to any individual or committee
    its authority, or any part thereof, as it deems necessary, appropriate or
    advisable for proper administration or operation of the Plan.

        3.3. Decisions Binding. Subject to Section 3.4, all determinations,
    interpretations, decisions or other actions made or taken by the Committee
    pursuant to the provisions of the Plan and all related orders and
    resolutions of the Committee shall be final, conclusive and binding for all
    purposes and upon all Persons, including without limitation CIT, CIT's
    shareholders, Directors, Employees, Participants, and Participants' estates
    and beneficiaries.

        3.4. Claims and Appeals Procedures. The Committee shall adopt and
    implement such rules and procedures as it may deem appropriate for the
    submission of claims for Severance Benefits under the Plan and shall
    communicate such rules and procedures as in effect from time to time to
    Participants. If a Participant's claim for Severance Benefits is denied in
    whole or in part by the Committee, the Committee shall notify the
    Participant in writing of its decision as soon as practicable following such
    decision, but in no event more than 90 days after the date of its receipt of
    the Participant's claim. Such writing shall describe the extent to which the
    Participant's claim

                                       5
<Page>
    has been denied, the reasons for such denial and the procedures which the
    Participant must follow in order to appeal such denial. If the Participant's
    appeal is denied in whole or in part by the Committee, the Committee shall
    notify the Participant in writing of its decision as soon as practicable
    following such decision, but in no event more than 90 days after the date of
    its receipt of the Participant's appeal. Such writing shall describe the
    extent to which the Participant's appeal has been denied and the reasons for
    such denial.

    Section 4. Eligibility and Participation

        4.1. Eligibility. All executive Employees of the Company who do not have
    a written employment contract with the Company that provides for severance
    benefits, including executive Employees who are also Directors, are eligible
    to participate in this Plan.

        4.2. Actual Participation. The Committee in its sole discretion may,
    from time to time, select one or more eligible Employees to be Participants.
    The Committee shall promptly notify an eligible Employee of his or her
    selection as a Participant.

        4.3. Termination of Participation. A Participant shall cease to be a
    Participant upon the earliest to occur of:

           (a) the Participant's receipt of all Severance Benefits to which he
       or she is entitled under the Plan;

           (b) the Participant's Ineligible Termination;

           (c) the effective date of a written employment contract that provides
       for severance benefits between the Participant and the Company; or

           (d) subject to Section 7, the termination of the Plan.

    Section 5. Severance Benefits

        5.1. Eligibility for Severance Benefits.

           (a) If a Participant's employment with the Company is terminated
       (i) by the Company for any reason other than death, Disability or Cause;
       or (ii) by the Participant for Good Reason (any such termination, an
       "Eligible Termination"), the Participant shall receive Severance Benefits
       in the amount determined under Section 5.2.

           (b) If a Participant's employment with the Company is terminated
       (i) by the Company for Disability or Cause; (ii) by the Participant for
       any reason other than Good Reason; or (iii) by reason of the
       Participant's death (any such termination, an "Ineligible Termination"),
       the Participant shall not be entitled to receive Severance Benefits.

           (c) For purposes of this Section 5.1, a termination for Cause shall
       be effective no sooner than the date upon which a written notice
       specifying the basis for such termination is delivered to the
       Participant, and a termination for Good Reason shall be effective no
       sooner than the date upon which a written notice specifying the basis for
       such termination is delivered to the Company and the Committee.

        5.2. Amount of Severance Benefits.

        (a) If a Participant has an Eligible Termination before the occurrence
    of a Change of Control or more than two years after the occurrence of such a
    Change of Control, the Company shall provide to such Participant the
    following Severance Benefits:

           (i) severance pay in an amount equal to two times the Participant's
       Base Compensation;

                                       6
<Page>
           (ii) a pro rata Average Annual Bonus for the year of such Eligible
       Termination, pro rated based on the number of months (rounded to the next
       whole month) that the Participant was actively employed during the Bonus
       Cycle in which such termination occurred;

          (iii) outplacement services;

           (iv) credit for two additional years of benefit service and two
       additional years of age under the Company Retirement Plan and the Company
       Executive Retirement Plan (if the Participant is covered by the Executive
       Retirement Plan); and

           (v) continued coverage under the applicable group medical plan and
       group dental plan of the Company (on terms no less favorable to the
       Participant than those in effect immediately before such Eligible
       Termination) until the earlier of the second anniversary of such Eligible
       Termination or the date on which the Participant begins receiving
       comparable coverage from another entity, provided that the Participant
       continues on a timely basis to make any required employee contributions
       with respect to such continued coverage.

           (b) If a Participant has an Eligible Termination upon or within two
       years after the occurrence of a Change of Control, the Company shall
       provide to such Participant the following Severance Benefits:

               (i) two times the Participant's Base Compensation;

               (ii) a pro rata Average Annual Bonus for the year of such
           Eligible Termination, pro rated based on the number of months
           (rounded to the next whole month) that the Participant was actively
           employed during the Bonus Cycle in which such termination occurred;

              (iii) two times the Participant's Average Annual Bonus;

               (iv) outplacement services;

               (v) credit for two additional years of benefit service and two
           additional years of age under the Company Retirement Plan and the
           Company Executive Retirement Plan (if the Participant is covered by
           the Executive Retirement Plan); and

               (vi) continued coverage under the applicable group medical plan
           and group dental plan of the Company (on terms no less favorable to
           the Participant than those in effect immediately before such Eligible
           Termination) until the earlier of the second anniversary of such
           Eligible Termination or the date on which the Participant begins
           receiving comparable coverage from another entity, provided that the
           Participant continues on a timely basis to make any required employee
           contributions with respect to such continued coverage.

        (c) Notwithstanding anything to the contrary, a Participant hereunder
    shall be ineligible to participate in or receive benefits under any other
    severance or termination plan, program or arrangement of the Company. The
    amount of a Participant's Severance Benefits hereunder shall not be reduced
    by the amount or value of any compensation or benefits payable to the
    Participant with respect to services performed after an Eligible
    Termination, and the Participant shall be under no obligation to seek
    subsequent employment or to mitigate the damages resulting from such
    Eligible Termination.

        5.3. Time and Form of Payment. The severance pay and bonus portions of a
    Participant's Severance Benefits shall be paid in the following manner:
    (i) 50% of the sum of such amounts shall be paid in the form of 12 monthly
    installments commencing as soon as practicable following the Participant's
    Eligible Termination; and (ii) the remaining 50% of the sum of such amounts
    shall be paid in the form of a lump sum on or as soon as practicable
    following the first anniversary

                                       7
<Page>
    of such Eligible Termination, in each case subject to and in accordance with
    the regular payroll practices of the Company.

        5.4. General Release. Notwithstanding any provision of this Plan to the
    contrary, the obligation of the Company to pay any Severance Benefits to a
    Participant is expressly conditioned upon the Participant's timely execution
    of and agreement to be bound by a general release of any and all claims
    arising out of or relating to the Participant's employment and termination
    of employment. Such general release shall be made in a form satisfactory to
    the Company and shall be for the benefit of the Company, its respective
    affiliates, and their respective officers, directors, employees, agents,
    successors and assigns.

        5.5. Nontransferability of Severance Benefits. No right to Severance
    Benefits may be sold, transferred, pledged, assigned or otherwise alienated
    or hypothecated, other than by will or by the laws of descent and
    distribution.

    Section 6. Beneficiary Designation. The beneficiary or beneficiaries of the
Participant to whom any benefit under the Plan is to be paid in case of his or
her death before he or she receives any or all of such benefit shall be
determined under the Company's Group Life Insurance Plan. A Participant under
the Plan may, from time to time, name any beneficiary or beneficiaries to
receive any benefit in case of his or her death before he or she receives any or
all of such benefit. Each such designation shall revoke all prior designations
by the same Participant, including the beneficiary designated under the
Company's Group Life Insurance Plan, and will be effective only when filed by
the Participant in writing (in such form or manner as may be prescribed by the
Committee) with the Company during the Participant's lifetime. In the absence of
a valid designation under the Company's Group Life Insurance Plan or otherwise,
if no validly designated beneficiary survives the Participant or if each
surviving validly designated beneficiary is legally impaired or prohibited from
taking, the Participant's beneficiary shall be the Participant's estate.

    Section 7. Amendment and Termination.

        7.1. Amendment and Termination Prior to a Change of Control. Prior to
    the occurrence of a Change of Control, the Committee may at any time, and
    from time to time, in its sole discretion alter, amend, suspend or terminate
    the Plan in whole or in part for any reason or for no reason; provided,
    however, that no alteration, amendment, suspension or termination of the
    Plan shall adversely affect in any material way the Severance Benefits of
    any Participant who has an Eligible Termination prior to such action; and
    provided further that no such alteration, amendment, suspension or
    termination of the Plan shall be taken during the period of time when the
    Committee has knowledge that any Person (including Tyco) has taken steps
    reasonably calculated to effect a Change of Control of the Company (a
    "Possible Change in Control") until in the opinion of the Committee, such
    Possible Change in Control is no longer a reasonable possibility.

        7.2. Subsequent Amendment and Termination. Upon and after the occurrence
    of a Change of Control, the Committee may at any time, and from time to
    time, in its sole discretion alter, amend, suspend or terminate the Plan in
    whole or in part for any reason or for no reason; provided, however, that no
    alteration, amendment, suspension or termination of the Plan shall be made
    within two years following the effective date of a Change of Control.

    Section 8. Tax Withholding. The Company shall have the power and the right
to deduct or withhold, or require a Participant to remit to the Company, an
amount sufficient to satisfy Federal, state, and local taxes, domestic or
foreign, required by law or regulation to be withheld with respect to any
taxable event arising as a result of this Plan.

    Section 9. Prohibited Activity. In consideration of his participation in the
Plan, the Participant shall not at any time after his termination of employment,
without the prior written consent of the Committee, directly or indirectly,
(i) engage or be interested in (as a shareholder, partner, joint

                                       8
<Page>
venturer, employee, consultant, lender, advisor, and/or agent), with or without
compensation, any business anywhere in the world that is in competition with any
line of business actively being conducted by the Company at the time of the
Participant's termination; (ii) solicit, recruit or hire any person who is then
(or who was during the immediately preceding six months) an employee of the
Company, or solicit or encourage any employee of the Company to leave the
employment of the Company; or (iii) disparage or publicly criticize the Company.
Such restrictions shall apply during the period ending on the first anniversary
of a Participant's termination of employment for any reason other than death or
Disability for purposes of clauses (i) and (iii), and during the period ending
on the second anniversary of such termination for purposes of clause (ii).
Nothing herein, however, will prohibit a Participant from acquiring or holding
not more than one percent (1%) of any class of publicly traded securities of any
such business; provided that such securities entitle Employee to no more than
one percent (1%) of the total outstanding votes entitled to be cast by security
holders of such business in matters on which such security holders are entitled
to vote.

    Section 10. Successors. All obligations of CIT and the Company under the
Plan with respect to Severance Benefits shall be binding on any successor to CIT
and the Company as the case may be, whether the existence of such successor is
the result of a direct or indirect purchase of all or substantially all of the
business and/or assets of the Company, merger, consolidation, or otherwise.

    Section 11. Legal Construction.

        11.1. Gender and Number. Except where otherwise indicated by the
    context, any masculine term used herein also shall include the feminine; the
    plural shall include the singular and the singular shall include the plural.

        11.2. Severability. In the event any provision of the Plan shall be held
    illegal or invalid for any reason, the illegality or invalidity shall not
    affect the remaining parts of the Plan, and the Plan shall be construed and
    enforced as if the illegal or invalid provision had not been included.

        11.3. Requirements of Law. The operation of the Plan and the payment of
    Severance Benefits hereunder shall be subject to all applicable laws, rules,
    and regulations, and to such approvals as may be required.

        11.4. Governing Law. To the extent not preempted by Federal law, the
    Plan, and all agreements hereunder, shall be construed in accordance with
    and governed by the laws of the state of New Jersey.

        11.5. Special Compensation. Except as otherwise required by law or as
    specifically provided in any plan or program maintained by the Company, no
    payment under the Plan shall be included or taken into account in
    determining any benefit under any pension, thrift, profit sharing, group
    insurance, or other benefit plan maintained by the Company.

        11.6. Incompetent Payee. If the Committee shall find that any individual
    to whom any amount is payable under the Plan is found by a court of
    competent jurisdiction to be unable to care for his or her affairs because
    of illness or accident, or is a minor, or has died, then the payment due to
    him or her or to his or her estate (unless a prior claim thereof has been
    made by a duly appointed legal representative) may, if the Committee so
    elects, be paid to his or her spouse, a child, a relative, an institution
    maintaining or having custody of such individual, or any other individual
    deemed by the Committee to be a proper recipient on behalf of such
    individual otherwise entitled to payment. Any such payment shall constitute
    a complete discharge of all liability of the Plan thereof.

        11.7. Plan Not an Employment Contract. This Plan is not, nor shall
    anything contained herein be deemed to give any Employee, Participant or
    other individual any right to be retained in his or her employer's employ or
    to in any way limit or restrict his or her employer's right or power to

                                       9
<Page>
    discharge any Employee or other individual at any time and to treat such
    Employee without any regard to the effect which such treatment might have
    upon him or her as a Participant of the Plan.

    Section 12. Arbitration. Any dispute, controversy or claim arising out of or
relating to the Plan that cannot be resolved by the Participant on the one hand,
and the Company on the other, shall be submitted to arbitration in the state of
New Jersey in accordance with the procedures of the American Arbitration
Association; provided that any such submission by the Participant must be made
within two years of the date of the Participant's termination of employment with
the Company. The determination of the arbitrator shall be conclusive and binding
on the Company and the Participant, and judgment may be entered on the
arbitrator's award in any court having jurisdiction. The expenses of such
arbitration shall be borne by the Company; provided, however, that each party
shall bear its own legal expenses unless the Participant is the prevailing
party, in which case the Company shall promptly reimburse the Participant for
the reasonable legal fees and expenses incurred by the Participant in connection
with such contest or dispute (excluding any fees payable pursuant to a
contingency fee arrangement).

                                       10

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